CIOs and CTOs report that they continue to explore new internet technology apps. According to Berg Insight, the global market for the Internet of Things (IoT) device management and application enablement platforms reached $1.1 billion in 2017.
According to the latest worldwide market study by Juniper Research, increasing adoption of in-flight entertainment and connectivity systems by airlines and private aircraft operators will drive annual service revenues from an estimated $3.7 billion in 2018 to reach over $8.4 billion by 2023.
IDC also raised its forecast for total spending on cloud IT infrastructure in 2018 to $57.2 billion with year-over-year growth of 21.3 percent. Let’s consider the key trends that are driving this phenomena. What really matters most, going forward?
As many IT workers develop greater technology skills and apply them to advance their careers, savvy digital workers in non-IT departments believe their CIO is out of touch with their technology needs. The implications are troubling to CEOs.
“While they are running digital projects and making progress, they are not making the headway required to achieve the larger goal — to digitally transform the overall organization. In fact, 73% of CIOs say it’s challenging to find the right balance between business innovation and operational excellence.”
From a total spending perspective, discrete manufacturing and transportation will each exceed $150 billion in spending in 2022, making these the two largest industries for IoT applications spending.