A new market research report titled “State of the Market: Internet of Things 2017” published by Verizon, states that IoT is at the core of digital transformation in 2017, 73% of executives either researching or currently deploying the technology.
There are 8.4 billion connected devices in use today, up 31% from 2016, the study adds.
The report suggests that the economics of IoT are increasingly compelling and the B2B space will benefit first, generating nearly 70% of potential value enabled by IoT. It highlights four key concerns that stand out for over 50% of business executives when exploring IoT, they are: standards, security, interoperability and cost. It is due to these qualms, along with apprehension around scalability and simplicity, businesses are reluctant from fully deploying IoT, with many still in proof-of-concept or pilot phase.
The report also highlights issues such as simplicity and integration, cost, and security, on how businesses should be thinking about IoT moving forward and addresses many of the concerns expressed by executives surveyed.
IoT platforms, such as Verizon’s ThingSpace, will become even more seamless and streamline the deployment of applications, giving developers simplified access to new tools and resources for IoT use cases, the report noted. New CAT-M1 technology and chipsets will reduce costs of connectivity and enable more widespread adoption by businesses large and small, while securely collecting, analysing and integrating data will continue to be at the forefront, with solutions like Verizon’s Security Credentialing, (based on a standard adopted by the GSMA) and software-defined perimeter services, which help protect at the platform, network and device level.