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Businesses have been focusing on the Internet of Things as an enabler of growth and increased operational efficiency, as well as the means to provide a better experience to customers and partners, according to the State of the Market: Internet of Things 2017 report Verizon released this week.
Seventy-three percent of executives surveyed said they either were researching or currently deploying IoT, according to the report.
“Few industry sectors, business people or ordinary people will not be impacted by this, as augmented intelligence and machine learning use the data from IoT to transform markets,” Constellation Research Principal Analyst Andy Mulholland told the E-Commerce Times.
However, a variety of factors have dampened IoT momentum:
- Long capital cycles;
- Organizational inertia;
- Lack of suitably skilled staff;
- Lack of industry-wide IoT standards; and
- Concerns about security, interoperability and cost.
Ready for the Enterprise
Despite those challenges, the IoT has become enterprise-grade, with the focus on B2B communications, according to the Verizon report.
For example, 70 percent of the Fortune 500 property and casualty insurance firms surveyed indicated they were tapping network-connected drones to perform inspections and other claims-related work.
The energy and construction industries have been using drones to perform inspections, maintenance and other high-cost tasks, while the pharmaceuticals industry has been using IoT solutions to track and trace medicines from production to patients.
The current business focus appears to be on simpler use cases — to track data and send status alerts, for example, which are easier to deploy but lack data analytics capabilities.
Those limitations will prevent these businesses from…