Business world is preparing to roll out the Internet of Things
(M2 PressWIRE Via Acquire Media NewsEdge) New report shows 75% of businesses actively researching the Internet of Things (IoT)
The Economist Intelligence Unit launches new index to chart development
Potential IoT 'talent wars' to recruit right skills and expertise
41% of C-level executives discuss IoT at least once a month
IoT demands co-operation between businesses, but few executives see themselves working with rivals
The number of things embedded with sensors is estimated to reach up to 50bn in the next decade. Having these smart objects connected to the Internet and able to communicate with each other offers significant opportunities for businesses in all industries across the world.
A new report The Internet of Things business index: A quiet revolution gathers pace by the Economist Intelligence Unit and sponsored by ARM has found that 75% of businesses surveyed are researching Internet of Things (IoT) opportunities. Only 5% of companies expect not to be using IoT at all three years from now.
The report also launches the Internet of Things business index. This will track the stages of IoT in businesses over time on global, regional and industrial levels. At present, businesses worldwide are at an advanced stage of research. Manufacturing companies are leading the way, while financial services are currently lowest in the index.
Companies are on the lookout for IoT talent, the report also found. Business leaders felt the biggest obstacle to using IoT more extensively is a lack of skills and knowledge among employees. To address this, organisations are increasingly training and recruiting talent, raising the potential for IoT talent wars.
"The self-stocking intelligent fridge is a step closer to becoming an everyday reality," said James Chambers, editor of the report, "but conversations about IoT are clearly moving on. Two in five C-level executives are now telling us that they discuss IoT regularly. Whether we will all end up wearing clothes connected to the Internet remains to be seen - but it's hard to think of any business that can't be part of the IoT revolution."
Even though the IoT is based on effective communication between these smart objects, few business leaders believe that it is likely to change the way their organisation works with competitors. This mind-set could impair growth says the report.
Read The Internet of Things business index: A quiet revolution gathers pace
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Notes to editors
Click here for more information about the Internet of Thing business index.
About the survey
The Internet of Things business index: A quiet revolution gathers pace is based on an Economist Intelligence Unit survey of senior mangers carried out in June 2013. The 779 respondents are based in 71 countries, split regionally as follows: Europe (29%), North America (29%), Asia-Pacific (30%); and rest of the world (12%).
A total of 19 industries are represented in the survey, such as financial services (14%), manufacturing (12%), healthcare, pharmaceuticals and biotechnology (12%), IT and technology (12%), energy and natural resources (11%), and construction and real estate (10%). The sample is evenly split between large firms, having annual revenue of more than US$500m, and small and mid-sized firms. Nearly half of respondents (49%) are board or C-level, with the balance made up of other high-level managers such as vice-presidents, business unit heads and department heads.
About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. As the world's leading provider of country intelligence, The Economist Intelligence Unit helps executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information about The Economist Intelligence Unit can be found at www.eiu.com or follow us on www.twitter.com/theeiu.
ARM designs the technology that is at the heart of advanced digital products, from wireless, networking and consumer entertainment solutions to imaging, automotive, security and storage devices. ARM's comprehensive product offering includes RISC microprocessors, graphics processors, video engines, enabling software, cell libraries, embedded memories, high-speed connectivity products, peripherals and development tools. Combined with comprehensive design services, training, support and maintenance, and the company's broad Partner community, they provide a total system solution that offers a fast, reliable path to market for leading electronics companies.
Find out more about ARM by following these links: ARM website [link: http://www.arm.com];
ARM Connected Community(r) [link: http://www.arm.com/community]; ARM Blogs [link: http://blogs.arm.com]; ARMFlix on YouTube [link: http://www.youtube.com/armflix]
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