As the next evolution of computing, the Internet of Things market is becoming bigger than all the previous technology markets. In 2020, there will be 50 billion devices connected to the internet, and a 50 times growth in digital universe of Businesses and “Things”, creating a €6.3 trillion market of Internet of Things, said market research firm Zinnov.
"As a result of rapid adoption of IoT across verticals, enterprises are forced to undergo and manage change across multiple dimensions that include products, people, process, platforms, and partnerships," according to Zinnov.
All these changes are happening at a rapid pace and the global innovations emerging out of these changes is witnessing rapid adoption. However, large companies are struggling to adapt to these new changes, trends and innovation. Amidst the change, enterprises are facing competition from newer set of peers - "The Chinese Enterprises."
"Chinese enterprise are using their cost innovation model to compete with the commoditised product lines of companies in developed countries," the firm added.
On the other hand, unicorns are emerging as one of the greatest threats to large organisations. Today, there are more than 100 startups with a valuation of $1 billion or more.
They are also facing competition from a swarm of startups that are focusing on micro-product categories within a large company’s portfolio.
Another challenge that enterprises face today is finding the right talent. According to Zinnov, certain skillsets in the IoT value chain are radically different from the traditional engineering skillsets and may not exist with in the current engineering teams, including IoT Product Managers, Data Scientists/Architects, UI/UX Designers, Mobility Experts, Scrum Masters, Network Engineers, and Cloud Experts.
Bay Area, Shenzen and Bangalore have the highest concentration of IoT specific talent owing to the presence of product companies, top universities and startups.
"It has become essential for large companies to change in view of the growing competition. Enterprises need to restructure 5Ps of their organisation to drive IOT innovations; and establish partnerships across the ecosystem in order to leverage their talent, technologies, expertise and services."
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Updated Date: Aug 26, 2015 13:56:16 IST