• IoT Technology & Services Spend by Enterprises is Pegged at USD 177 Billion in 2019; Will Grow at a CAGR of 21% to Reach a Massive USD 460 Billion by 2024, Says Zinnov
• Out of 160+ new IoT deals since 2018, 33 were signed by the Industrial vertical ; The addressed market by IoT Service Providers has grown at ~ 30% YoY
• Industry 4.0 is the most adopted use case by enterprises as they find strong alignment with business outcomes
Bangalore, India, Nov. 6, 2019 : Zinnov, a leading global management and strategy consulting firm, released its annual ratings titled, ‘Zinnov Zones for Internet of Things Technology Services – 2019’. This pre-eminent rating is aimed at enabling business leaders across industries to make informed decisions in their partner selection across geographies for their Internet of Things (IoT)-led product and service initiatives. The 2019 ratings are unique because for the first time, Zinnov has rated Service Providers across specific verticals and use cases, in addition to assessing them for their overall IoT prowess.
Enterprises are dependent on the IoT Service Provider community to augment their transformation journeys. The study revealed that IoT Service Providers cumulatively addressed a market of USD 7.1 Billion, representing a ~ 30% YoY growth. Large transformative deals signed by enterprises entail advisory services at the top and managed services at the bottom. Further, Service Providers continue to invest in IP and enhance their delivery infrastructure to garner greater wallet shares.
Speaking about the report, Pari Natarajan, CEO, Zinnov, said, “Manufacturers are investing in Industry 4.0 to build an autonomous and cognitive environment to accelerate the product development process. Associated implementation challenges have impeded adoption in the past. Scattered leadership in manufacturing organizations increases the complexity of cross-unit coordination and decision-making. Further, enterprises have data ownership and security-related concerns as well.”
“Over the last couple of years, several large firms have benefited from accelerated product development timelines and enhanced asset uptimes while reducing costs. Adoption is only expected to increase further, as Industry 4.0 use cases continue to demonstrate strong alignment with business outcomes,” he added.
