Snippets: Internet of Things projects failing

IDC predicts that the worldwide installed base of Internet of Things (IoT) endpoints will grow from 14.9 billion at the end of 2016 to more than 82 billion in 2025. At this rate, IoT may soon be as indispensable as the Internet itself. Despite the forward momentum, a new study conducted by Cisco shows that 60 per cent of IoT initiatives stall at the Proof of Concept (PoC) stage and only 26 per cent of companies have had an IoT initiative that they considered a complete success. The study suggests that the “human factor” such as culture, organisation and leadership are critical, even though IoT may sound like it is all about technology. The study found that the most successful organisations engage the IoT partner ecosystem at every stage, implying that strong partnerships throughout the process can smooth out the learning curve. A majority of respondents also agreed that learnings from stalled or failed IoT initiatives have helped accelerate their organisation’s IoT investments.

Digital commerce uptake

Users of digital commerce services will reach three billion by 2021, or 40 per cent of the global population, up from just 32 per cent this year, according to new research by Juniper Research. The Digital Commerce: Key Trends, Sectors & Forecasts 2017-2021 found that two core sectors will dominate the global digital commerce industry, in terms of transaction values - remote payments for digital and physical goods; and digital banking via bill payment services. These segments together will account for over half of global transaction values by 2021. Significant opportunity for businesses exists, with remote payments for digital and physical goods forecast to account for over 10 per cent of the $20 trillion global retail market in 2017. The study added that businesses will gain advantage through use of automated customer experiences. Digital banking will increasingly envelop a greater proportion of the global population, with adoption approaching one in two adults by 2021.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel