Why Expectations Are High for the IoT

A majority of organizations have either launched a formal internet of things (IoT) initiative or are piloting or experimenting with such an effort, according to a recent survey from CompTIA. The resulting "Internet of Things Trends and Opportunities" report indicates that by 2020, more than 50 billion "things" will be connected and/or have some level of intelligence. Anticipating the boom in demand, a significant share of companies are creating new budget allocations for IoT projects to enhance broad organizational objectives. The expected outcomes include cost savings from increased operational efficiency, better decision making through improved data usage and a boost in staff productivity. "There is a steady march to enhance the utility of devices, objects, structures and even people through connectivity, network effects and intelligent functionality," according to the report. "Over the past two years, this concept has evolved from a technologist's curiosity into a full-fledged business opportunity. While there have always been 'things' connected to the Internet—think computing devices, as well as things connected to other things, such as ATMs, RFID tags or E-ZPass—something has clearly changed. Advancements in a number of areas over the past decade have laid the groundwork for the steepening IoT growth curve." More than 510 business and IT executives took part in the research.