Tata Consultancy Services (TCS) recently published their 2015 Global Trend Study, “Internet of Things: The Complete Reimaginative Force”, offering an array of insights into how organisations are unlocking revenue growth opportunities using the Internet of Things.
The research was collated from 795 companies that are based across the world, and operate within thirteen different industries.
Some key takeaways from the study include the following:
- 4 out of 5 companies currently invest in the IoT to track their products, customers, premises or supply chains
- More than 80% of the companies surveyed increased revenue by investing in IoT
- The average increase in revenue for those adopting IoT is 16% – market leaders have seen increases of up to 64%
- Globally, enterprises expect to increase revenues by 16.3% between 2015 and 2018 using IoT initiatives
The biggest successes in IoT-driven revenue were seen in the Manufacturing industry which saw an average revenue increase of 28.5%, followed by the Financial Services industry (17.7%) and the Media and Entertainment industry (17.4%). The Automotive sector had the lowest revenue gain in comparison to other industries, but still reported a 9.9% increase from using IoT – clearly demonstrating the benefits across all vertical markets.
UK companies are making the biggest increases in IoT spend, with respondents reporting a 38% planned increase over the next three years. In 2015, North American companies expect to spend 0.45% of their revenue on IoT initiatives, whilst European companies will spend 0.40%.
It is clear that the Internet of Things is rapidly growing and delivering return across multiple territories and industries and as companies continue to invest in these new technologies, and to see the return, the demand for flexible, scalable connectivity, that can be connected to anywhere, anytime, also grows. Hybrid connectivity solutions which combine fixed line, satellite and cellular are the answer to this demand, combining cost efficiencies with high performance.
With the growth of LTE comes a new age of high bandwidth and speed capabilities that enable cellular to support more advanced applications than it previously could on 3G and 2G networks. In addition LTE networks are already in place and available globally, truly boasting “connect anywhere, anytime” capabilities that can securely extend network edges to incorporate Internet of Things applications. Offering more flexibility, easier scalability and a cost-effective approach to connectivity, LTE delivers perfectly into such a hybrid solution.
Westbase products and services have been designed to meet the communication and connectivity requirements of organisations across a multitude of industries. With a variety of products which incorporate features such as enterprise security, remote management and monitoring, simplified configuration, and business-grade warranties, enterprises are able to build solutions which exactly suit their Internet of Things requirements.