And, according to the energy management and automation company, the survey - conducted by Redshift Research - reveales that two out of three organisations, or 67%, plan to implement the Internet of Things via mobile applications this year, one-third of respondents (32%) planning to start using the IoT in mobile applications in as little as six months.
Those businesses planning to use mobile applications within six months cite potential cost savings of up to 59% as a major driver in implementation.
“We’re past the point of questioning whether IoT will deliver value. Businesses now need to make informed decisions to position themselves to maximise IoT’s value in their organisation,” said Dr. Prith Banerjee, Chief Technology Officer, Schneider Electric.
The IoT survey canvassed the views of 3,000 business leaders in 12 countries, as well as feedback from Schneider Electric’s customers and partners.
And, here’s Schneider Electric’s predictions on what business leaders can expect as the IoT market evolves:
1. The next wave of digital transformation. IoT will trigger the next wave of enterprise digital transformation, unifying the worlds of OT and IT and fuelling a mobile and digitally enabled workforce: As more companies both expand and deepen their digitisation programs enterprise-wide, IoT will increasingly take centre stage. This new wave of transformation will be enabled by more affordable “connected” sensors, embedded intelligence and control, faster and more ubiquitous communications networks, cloud infrastructure, and advanced data-analytics capabilities.
2. Insightful data. IoT will translate previously untapped data into insights that enable enterprises to take the customer experience to the next level: When thinking about the value proposition of IoT, most businesses point to efficiency and cost savings as the key benefits. Yet access to data – including previously untapped data – and the ability to translate it into actionable insights, the hallmark of IoT, will deliver greater customer-service transformation and new opportunities to build brand/service loyalty and satisfaction.
3. Premise-to-cloud confidence. The IoT will promote an open, interoperable and hybrid computing approach, and it will foster industry and government collaboration on global architecture standards that address cybersecurity concerns: While cloud-based IoT solutions will grow in popularity, no single computing architecture will monopolise their delivery. IoT instead will flourish across systems, both at the edge and on premise, as part of private cloud or public cloud offerings. Making IoT available across heterogeneous computing environments will help end users adopt IoT solutions in the way that best suits their security and mission-critical needs while also offering entities with legacy technology infrastructures a logical and manageable path forward, allowing them to transform over time.
4. Innovations that leapfrog existing infrastructure. IoT will function as a source of innovation, business model disruption and economic growth for businesses, governments and emerging economies: Just as the Industrial Revolution, birth of the Internet and mobile revolution have driven advancement, innovation and prosperity, so will IoT. Businesses and cities alike will deliver new IoT-enabled services; new business models will emerge; and, in particular emerging economies will have a significant opportunity to quickly leverage IoT without the constraint of legacy infrastructure, essentially leapfrogging old ways. In fact, McKinsey forecasts that 40% of the worldwide market for IoT solutions will be generated by developing countries.
5. A better planet. IoT solutions will be leveraged to address major societal and environmental issues: IoT will help countries and their economies respond to the biggest challenges facing our planet, including global warming, water scarcity and pollution. In fact, survey respondents identified improved resource utilisation as the number one benefit of IoT to society as a whole. In concert with the private sector, local and national governments will embrace IoT to accelerate and optimise current initiatives to curtail greenhouse gas emissions in accord with the breakthrough COP21 climate agreement, whereby 196 countries pledged to keep global warming under the threshold of 2 degrees Celsius.