The Internet of Things (IoT) is already transforming the way information is processed and communicated in such a rapid way that enterprises without a powerful IoT strategy are likely to find themselves lagging behind.
Gartner recently predicted that by 2020, almost half of companies’ revenue will come from IoT. They also expect 25 billion “things” to be connected to the Internet by then, inevitably making our lives more interconnected and our devices more aware than ever. This prediction, alongside the fact that IoT is now prevalent in our everyday lives, means that enterprises without IoT technology are looking for solutions. Interestingly, they are looking to startups for help.
IoT Transcends Industries
Traditionally, technology was categorized by industry, application or type. Startups with innovations in telecommunication tested their technology with telecommunication enterprises; start-ups operating in the BI world test their technology with BI enterprises, and so on. Since IoT transcends industries and traditional categories, many enterprises lack the infrastructure to test new technologies in their existing ecosystems.
IoT technologies have been developed and integrated into nearly every industry from transportation to agriculture. Even healthcare is getting in on the action – there are now medicine boxes that can remind patients to stick with their prescription regimen. But without standardization and security, enterprises are apprehensive and reluctant to move forward with start-ups. Testing technology in IoT is still one of the leading challenges they need to overcome.