July 23, 2015 | Authored by: Vindicia Team Blogs
More than 80 percent of businesses increased revenue with IoT
The Internet of Things market continues to grow and executives are taking notice. According to a study conducted by Tata Consultancy Services, more than 80 percent of businesses said they increased profits by investing in IoT. Executives said they saw an average increase of 15.6 percent in revenue in 2014 alone.
"The age of IoT is well underway," Natarajan Chandrasekaran, CEO of TCS, said in the report. "The question is, whether businesses are ready to realize the full potential of this technology. Our latest global trend study found that leaders in using IoT technologies are using it to completely re-imagine their businesses by changing every aspect of them from business models and products to business processes and workplaces."
"More than 80 percent of businesses increased profits by investing in IoT."
The manufacturing industry in particular is experiencing a spike in revenue from IoT, with an average increase of 28.5 percent. The automotive industry, on the other hand, increased in revenue by just 9.9 percent.
Although the healthcare industry is known for having the best potential to benefit from IoT, it struggles to integrate the system because there are some many regulatory restrictions and data security concerns to worry about.
According to the study results, companies are mostly using IoT technologies to keep track of their customers through mobile apps. More than 50 percent of leaders are taking advantage of IoT to follow their products and see how they are performing with their consumers.
The report also revealed spending for IoT is expected to grow to $103 million by 2018.
Chandrasekaran added that business leaders in all industries should take the time to consider how their companies would benefit if they invested in IoT.
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