In 2018, the IoT market within the manufacturing industry stood at a humble $27B. However, that number is expected to grow to $137B in the next five years. Accelerated by the pandemic, IoT implementation had and is continuing to see tremendous growth over the past several years in many other industries as well, including mobility/transportation (15%), energy (14%), retail (12%), healthcare (9%) and supply chain (7%). With this growth in mind, CEOs finally have an opportunity to leverage IoT to maximize value within their organization and drive significant returns on their investment.
While most CEOs recognize the need for taking an active role in their company’s digital transformation, the mountain of responsibilities on their plate has often meant taking a back seat to IoT program planning. Their lack of input implementation, coupled with the overly complex first-generation IoT platforms, often led to organizational confusion on overarching IoT strategies with no clear value proposition for its use. With IoT finally positioned to play a significant role in the strategic direction of organizations, it’s time for chief executives to capitalize on the IoT opportunity in front of them.
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