Tumblelog by Soup.io
Newer posts are loading.
You are at the newest post.
Click here to check if anything new just came in.
decorousmaniac946

IDC Unveils Worldwide Internet of Things Spending Forecast by Vertical Market



FRAMINGHAM, Mass.--(BUSINESS WIRE)--Today, International Data Corporation (IDC)

issued a new report, Worldwide

Internet of Things Spending by Vertical Market 2014-2017 Forecast

(Doc #246384), which defines the IT opportunity for all vertical markets

that comprise the burgeoning Internet of Things (IoT) market. The new

report segments the IoT market as well as provides a forecast that

illustrates which vertical industries show the greatest market

opportunity over the next several years. The market and forecast is

based on internal IDC models, analysis, and survey information, which

was used to create segmentation models around the 18 vertical markets

that IDC tracks

D Town SEO



As the Internet of Things (IoT) market starts to coalesce in both

concept and solution offering, IDC recommends vendors take the next step

and look at this huge IT opportunity in a more realistic framework. As

exciting as the overall opportunity for the IoT market currently is,

understanding the vertical ramifications is paramount. All of the

greatest IoT IT opportunities - including the connected home, smart

meters, the connected car, and the smart grid as well as personal

wellness and connected health - are driven from a vertical market

perspective.

"The Internet of Things market must be understood in terms of vertical

markets because the value of IoT is based on individual use cases across

all markets," said Scott

Tiazkun, Senior Research Analyst with IDC's Global Technology and

Industry Research Organization. "Successful sales and marketing efforts

by vendors will be based on understanding the most lucrative verticals

that offer current growth and future potential and then creating

solutions for specific use cases that address industry-specific business

processes."

IDC defines the Internet of Things concept as a wired or wireless

network connecting devices, or "things," that is characterized by

autonomous provisioning, management, and monitoring. IoT already impacts

our everyday life down to the smallest processes. The vertical

opportunity that arises from IoT is already in play, but only if the

need for vertical expertise is recognized and offered. Realizing the

existence of vertical opportunity is the first step to understanding the

impact - and therefore market opportunity that exists - for IT vendors.

In addition:

IDC has looked at the components, processes, and IT support for IoT

and expects the technology and services revenue to expand from $4.8

trillion in 2012 to $7.3 trillion by 2017 at an 8.8% compound annual

growth rate (CAGR), with the greatest opportunity initially in the

consumer, discrete manufacturing, and government vertical industries.

The IoT/M2M market is growing quickly, but the development of this

market will not be consistent across all vertical markets. Industries

that already "understand" IoT will see the most immediate growth, such

as industrial production/automotive, transportation, and

energy/utilities. However, all verticals will reflect great

opportunity.

IoT is a derivative market containing many elements, including

horizontal IT components as well as vertical and industry-specific IT

elements. It is these vertical components where IT vendors will have

to distinguish themselves to address industry-specific IoT needs.

IoT opens up many IT vendors to the consumer market, providing B2B2C

services to connect and run homes and automobiles - all the places

that electronic devices will have a networking capability.

According to the report, the first step to understand how vendors can

position themselves will be to understand the components of the IoT/M2M

IT ecosphere. Because this is a derivative market, there are many

opportunities for vendors to offer parts or product suites that cover

the needed IoT IT set. And vendors will have incentive to do so due to

rapid growth, which will occur as industries see the convenience,

productivity, and efficiency that IoT brings to business processes.

Accordingly, while horizontal-focused IT vendors will look to offer IoT

solutions that appeal to many industries, there will also be impetus to

offer vertical-focused solutions that make IoT tangible for both

industries applications (M2M) and consumer needs (B2B2C).



Tiazkun continued, "The IoT market will greatly impact and offer the

potential for vertical-aligned businesses to improve both performance

and profitability. The IoT solutions space will expand exponentially and

will offer every business endless IoT-focused solutions. The initial

strategy of businesses should be to avoid choosing IoT-based solutions

that will solve only immediate concerns and lack 'staying power'."

The Renaissance City

For additional information about this report or to arrange a one-on-one

briefing with Scott

Tiazkun, please contact Sarah Murray at 781-378-2674 or sarah@attunecommunications.com.

Reports are available to qualified members of the media. For information

on purchasing reports, contact insights@idc.com;

reporters should email sarah@attunecommunications.com.

About IDC

City of the straits



International Data Corporation (IDC) is the premier global provider of

market intelligence, advisory services, and events for the information

technology, telecommunications, and consumer technology markets. IDC

helps IT professionals, business executives, and the investment

community to make fact-based decisions on technology purchases and

business strategy. More than 1,000 IDC analysts provide global,

regional, and local expertise on technology and industry opportunities

and trends in over 110 countries. In 2014, IDC celebrates its 50th

anniversary of providing strategic insights to help clients achieve

their key business objectives. IDC is a subsidiary of IDG,

the world's leading technology media, research, and events company. You

can learn more about IDC by visiting www.idc.com.

Don't be the product, buy the product!

Schweinderl