Virtualization and Cloud executives share their predictions for 2017. Read them in this 9th annual VMblog.com series exclusive.
Contributed by Michael Beamer, President of goTransverse
The IoT Marketplace Will Reach a Tipping Point
According to a 2016 Verizon market report, the IoT market is expected to grow from $591.7 Billion in 2014 to $1.3 Trillion in 2019, and Gartner estimates there will be 26 billion connected devices in homes and businesses by 2020.
With the collective ecosystem around IoT utilization expanding, figuring out how to create new revenue models and bill for these services-and do so quickly-is more important now than ever. Businesses that are doing this effectively are using elastic digital infrastructures to quickly adapt to changing market conditions and capture, measure and monetize all the massive amounts of data that IoT provides. Businesses that are doing this poorly are failing to future-cast for market changes and relying on old billing paradigms that don't sync with new IoT infrastructures.
Our prediction is that 2017 will see a leveling of the IoT market. Companies that launch new products and services but fail to include monetization in their roadmap from the get-go will face tremendous challenges deriving revenue and maintaining profitability over the long term. Meanwhile, ones that think creatively about how they capture, measure and monetize customer data will see bottom lines surge.
One example is in the new, emerging Energy-as-a-Service model, which includes being able to control energy assets like lighting and energy efficiency on an industrial IoT platform. By deploying monetization engines that can process things like usage and applicable tariffs on an industrial scale, companies will be able to save millions upon millions of dollars in accurate billing as well as in energy efficiencies.
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About the Author
Michael Beamer is a 24-year technology and business leader with unique experience helping companies maximize the business impact of technology. As President of goTransverse, he is helping the company emerge as the top IoT Monetization solution provider. The flagship product from goTransverse, TRACT, was recently selected as IoT Solution of the Year at the CODIE awards.
