Businesses To Deploy 40 Billion+ IoT Devices, Opportunities For Digitalization Partners ?
IoT is the largest of all the Digital Programs adopted across industries. Over 40 Billion IoT (connected) devices are expected to be deployed by 2023 across industries (consumer products, healthcare, retail, manufacturing, auto, travel, insurance to name a few). Companies are adopting IoT for data gathering, analysis and reporting which is directly impacting their top line growth and/or their operations productivity. E.g. Asset tracking, predictive maintenance, warehouse optimization are some of the key focus areas in Operations, Supply Chain and Production Monitoring.
- A leading oil field service provider used IoT solutions to increase response time & minimize downtime thus saving hundreds of thousands of dollars/days.
- Clubbing IoT with telematics and analytics resulted in data centralization from 25+ vehicles and scaled connected car programs to five million cars by 2018 for a large North American OEM.
Various industries have started to realize the ROI on IoT deployment and are planning for wide-scale adoption across their value chain. Industries like Oil & Gas, Pharma, and Agriculture have huge scope of digitization using IoT and are expected to invest highly in IoT solutions in the future.
Service providers are enabling such connectivity off-the-shelf customized solutions to businesses to meet their specific industry challenges. They enable services ranging from device integration to services management.
- TCS partnered with GE to support data and analytics to the GEs Predix IIOT platform. This enabled the platform to deliver crucial data 90% faster, reducing financial closing time by 20%.
- L&T partnered with Legrand to develop a solution enabling remote tracking of charging stations centrally, thus overcoming challenges like theft and identifying dysfunctional ports & stations.
Companies are looking for end-to-end solution providers that can deploy, consult, integrate as well as provide after-sales support for IoT. Service partners are enabling key use cases to build operational business models leading to higher revenues and attain stability in the competitive business market.