The International Data Corporation (IDC) says that the market for internet connected devices will top more than one billion IoT-related opportunities by 2020.
“No one industry player can provide an end to end solution alone, partnerships in IoT are vital in providing the full benefit of this ecosystem,” said George Kalebaila, senior research manager at IDC Sub-Saharan Africa.
Cisco said that 50 billion devices will be connected to the internet by 2020. These gadgets will produce large amounts of data that may drive down the cost of communication and ease personal access to information and commerce.
IDC research also indicates that 33% of enterprises are planning significant investment into IoT technologies.
The big data as a result of IoT could make the online lives for consumers safer, said SAP.
“For example, you may be sitting in Cape Town doing some work and all of a sudden, there’s a credit card transaction if Botswana. You want to know about it right now, you don’t want to know about it in two weeks’ time when the systems have processed it,” Roger Louw, senior presales specialist at SAP recently told Fin24.
Recent research from Gartner that shows local chief information officers (CIOs) are first adopters when it comes to IoT. Only 8% of local CIOs feel that IoT sensors are not relevant, compared with 27% globally.
“IoT is no longer just a buzzword and already the manufacturing industry is leading the charge in adopting this new way of operating. This is followed closely by transport, government, retail and utilities,” IDC said.
The organisation found that challenges to adoption include consolidated standards and the convergence of information and operational technology. There are also concerns around the regulatory framework.
“The CIO has to be the leading IoT decision-maker to ensure that there is a holistic view of business needs and you don’t have disparate approaches driven by different lines of business,” said Kalebaila.