The Internet of Things (IoT) market is growing fast. According to forecasts by Gartner, 6.4 billion connected items will be in use worldwide in 2016, up 30 percent from 2015. Gartner projects that sum will swell to 20.8 billion by 2020. This year, 5.5 million new “things” are connected daily.
Hyperadoption and the Internet of Things
This amazing potential for connected devices exists in an environment in which, according to the Forrester Research, “Consumers are being offered an unprecedented array of exciting, interesting and useful products and services, many of which are being given away at no or low cost, thus avoiding the triggers that would normally have caused us to put on the skeptical brakes, the brakes that used to explain why adoption was hard and slow.” It’s a phenomenon known as hyperadoption, and companies that know how to encourage it will be rewarded.
For instance, the $4.99 cost of an Amazon Dash Button, a connected device that allows subscribers to order products by pressing a button, is completely offset by a $4.99 discount offered to customers on their next Dash Button purchase. Lowering the barrier to adoption reduces the customers’ risk and makes them more willing to participate in the Internet of Things.
Monetizing the Internet of Things
The Internet of Things is a multi-trillion dollar monetization opportunity that organizations can now tap into. However, according to recent surveys from the Capgemini Group, while companies understand the potential, most are a long way from achieving any benefit from the IoT.
Capgemini conducted an extensive survey of IoT products and services of over 100 leading companies across North America and Europe. They found that to compete, companies need serious infrastructure bandwidth and spot-on technical skills.
Enjoy this video from the Capgemini Group presents the results of the survey and highlights the key hurdles companies are facing.
Monetizing the Internet of Things requires tracking the right KPIs. Download our Mapping and Measuring guide today.
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