IoT, as a technology, has evolved and matured in the last decade since it became an emerging technology and was introduced in Gartner’s Hype Cycle in 2011. While there have been some advancements in the use of IoT for operational efficiencies, optimal asset utilization, quality control, etc. in manufacturing, healthcare, energy, and other industries, we can all agree that it hasn’t taken off like many analysts predicted. There were predictions of the IoT market going past 50B connected devices and north of $1T in total business by 2020. That prediction of the IoT market growing to $1T is now still 5+ years away.
Headwinds Facing IoT Adoption
So, what is it that has been holding the promise of IoT back? Various surveys conducted over the last 2-3 years show different reasons being given for this slower than expected adoption, but there is a consistent theme amongst the reasons that consistently pop up. There are known technical concerns like security and connectivity, but in terms of business challenges, the gap in cost of undertaking an IoT program and expected value seems to show up as the main reason holding back the adoption of IoT across industries. Specifically, an unclear RoI coupled with the perceived long project implementation cycle or the time-to-market are big reasons why we are not even half-way to the market size we were expected to hit with the opportunity that IoT presented.
