IoT deployment is considered as one of the most important initiatives by one in four Global Fortune 2000 enterprises – however, 90% of them have to face hurdles while implementing and expanding IoT across their organisations due to lack of expertise and skills.
In an independent survey conducted by UK-based market researcher Vanson Bourne, and sponsored by German firm Software AG, surveyed 800 senior IT and business decision makers at organisations with a worldwide annual revenue of $500 million and higher, across 13 different countries in North America, Europe and Asia Pacific. The respondents in this study came from companies that were deploying IoT platforms, and had some level of involvement and responsibility for choosing and maintaining those solutions.
Where 8% of respondents said that they are benefiting from their IoT investments at some level, there are 89% who still believe that their approach to IoT must be enhanced in order to see profitable results. Apart from required IoT expertise and skills, 29% of the respondents are unable to manage and process large volumes of data, 28% have integration issues, another 28% have too many legacy systems at their workplace, 26% are inept to scale the network to meet IoT demands, and 25% have to face cybersecurity challenges.
Another market research firm, IDC, predicts that the IT expenditure on edge infrastructure will reach up to 18% of the total spend on IoT infrastructure by 2020. This spend will be driven by the deployment of converged IT and OT systems that reduce the time to value of data collected from their connected devices.
Elsewhere, Hampleton Partners said earlier this month that M&A activities in the connected car market will hit 100 transactions by the end of 2018. The analyst firm notes that automotive manufacturers are increasingly becoming mobility services providers, by implementing technology to each levels of their stack. For instance, Daimler acquired six companies in the past two and a half years, including ride sharing app Transvoco and Advanced Telematics Systems. The largest disclosed acquisition was The Gores Group buying Verra Mobility for $1.3 billion.
Original article: Most Global Fortune 2000 enterprises facing hurdles when executing IoT, says Software AG