The Economist Intelligence Unit’s (EIU) latest state of the nation report on the internet of things (IoT) surveyed 825 senior business leaders, 412 of whom were C-suite executives drawn from around the world and representing ten industries. The objective was to update business’ IoT progress across global markets and sectors from 2013, when the first index report was published, until the present day. The respondents were split evenly between large firms with annual revenues of more than US $500m and small to mid-sized businesses.
The results are encouraging with the majority of respondents saying they feel an IoT-focused strategy will be critical to the long-term success of their companies. Many had already seen a marked impact, with an expectation the IoT would lead to greater revenues and spark a new wave of innovation.
The IoT is changing the way companies create and capture customer value as a number of high-profile examples used in the EIU IoT business index report 2017 illustrate. For example, the lighting division of electronics company Philips and the energy services company Cofely provide ‘light as a service’ to Schiphol, Europe’s fourth-busiest airport. The airport only pays for the light it uses, while Philips remains the owner of all fixtures and installations, taking joint responsibility with Cofely for system performance and ultimately end of life recycling.
Simon Segars, ARM CEO, assesses what the Economist Intelligence Unit IoT Business Index 2017 tells us about the state of progress being made by businesses in the IoT.
As one of the chief technical minds guiding the enablement of IoT technologies at scale, ARM’s CTO and co-founder, Mike Muller, talks about why he thinks the latest EIU survey is good news for developers looking to bring IoT products to market.
Like the smartphone before it, the connected car may be a platform for all manner of new services and business models and the transformation of the market is now a key priority for automakers.
Companies that manage properties after construction are currently the driving force behind IoT-enabled buildings.
The digitization of manufacturing may herald a new industrial revolution. Manufacturers are still working on the foundations but IoT investment is set to grow.
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