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STAMFORD, Conn., July 25, 2019 /PRNewswire/ — Enterprises worldwide are exploring ways to use the Internet of Things to further their digital transformations and are seeking industry-specific support from IoT technology and service providers, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2019 ISG Provider Lens™ IoT — Transformational Services, Technology, Solutions, Platforms and Industries Global Report finds enterprises expecting IoT providers to help them reduce both costs and risks and achieve a positive return on their investments. Enterprises also expect vendors to offer easy data transfer from legacy systems.
“The IoT industry is evolving every day with new additions and use cases,” said Esteban Herrera, partner and global leader of ISG Research. “The IoT is an integral part of the digital transformations that enterprises are undertaking to improve their operational efficiencies and grow their businesses.”
As enterprises embrace IoT, they are investing in blockchain, artificial intelligence or edge computing to enhance their IoT systems, the report says. Edge analytics enable real-time data visualization and predictive maintenance for IoT devices, and AI also helps companies make sense of the data generated by the IoT. Blockchain, meanwhile, offers secure data transactions through the IoT.
Security, however, remains a major challenge for companies deploying the IoT, the report says. A lack of a widely adopted security framework is a barrier to adoption.
Still, major technology vendors are investing heavily in the IoT, with some funding startups that offer niche services in platform software, applications, hardware, sensors and services, according to the report. Many service providers are also developing their own customized IoT platforms, some targeting specific industries or use cases.
The Industrial IoT (IIoT) platform segment, in particular, is expected to grow 20 to 30 percent annually over the next three years, with a growing need to leverage AI to enhance operational efficiency, reduce downtime and improve process stability. Digital twins, a key trend of Industry 4.0, will need to be supported by IIoT platforms, the report said.
The report notes mergers, acquisitions and partnerships, mostly within software and applications services, along with larger deals focused on hardware, will fuel additional growth in the IoT space. Co-innovation, in which service providers collaborate with solution providers, is helping drive next-gen IoT solutions across industries.
Narrowband IoT (NB-IoT), an affordable technology designed to transmit small amounts of data from multiple devices, is becoming more important, the report finds, with leading telecoms providers speeding up their NB-IoT deployments.
The 2019 ISG Provider Lens™ IoT — Transformational Services, Technology, Solutions, Platforms and Industries Global Report evaluates the capabilities of 35 providers across six quadrants: Consulting and Services, Managed Solutions and Services, Connected Cars, Manufacturing, Smart Building and Infrastructure, and IoT Platforms.
The report names Capgemini and Wipro as leaders in five quadrants, while Atos, Cognizant, HCL and IBM were leaders in four. Infosys and TCS were named as leaders in three quadrants, while Accenture, Harman and Tech Mahindra were leaders in two.
A customized version of the report is available from Mindtree, named a Rising Star in IoT consulting and services.
The 2019 ISG Provider Lens™ IoT — Transformational Services, Technology, Solutions, Platforms and Industries Global Report is available to ISG Insights™ subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe and Latin America, as well as in the U.S., Germany, the U.K., the Nordics and Brazil, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
The series is a complement to the ISG Provider Lens Archetype reports, which offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
SOURCE Information Services Group, Inc.