Internet of Things Technology Spend is Expected to Grow at 20% to Reach ~USD 500 Billion in 2023, Says Zinnov

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~The market addressed by IoT Service Providers has grown at 28% in the last year alone to touch USD 4.9 billion in 2018~
Speaking about the rating, Pari Natarajan, CEO, Zinnov, said, "The convergence of disruptive technologies is accelerating the adoption of IoT in enterprises. However, unclear returns on investments is an obstacle. Enterprises need to design a value proposition and RoI (return on investment) model to include relevant metrics around operational efficiencies and customer experience, in addition to enabling new revenue streams. Enterprises will need to adopt an open innovation fabric, and partner with various entities to achieve favorable outcomes."

Speaking about the Service Provider opportunity, Pari added, "Service Providers with end-to-end capabilities help enterprises manage the challenge of multiple vendors. The market being addressed by Service Providers is growing faster than the rate of IoT spend, as enterprises are increasingly seeking support across different layers of their IoT initiatives."
With enterprises increasingly seeking a use case-based assessment view of Service Providers, the rating has been structured to evaluate the Service Provider community extensively for their IoT prowess, with both a service line/competency- and use case-based approach across the following segments:
Service lines: IoT Strategy & Consulting, IoT Engineering, IoT SI and deployment, Managed Services Competencies: Platform and Application, Communications, Sensors & Devices, Big Data and Analytics IoT-enabled use cases: Predictive Maintenance, Connected Vehicles, Supply Chain Intelligence, Smart cities, and Customer 360

The Zinnov Zones IoT report highlights some of the key trends that emerged from the study -

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About Zinnov:
Founded in 2002, Zinnov is a global management and strategy consulting firm, with presence in Silicon Valley, Houston, Bangalore, and Gurgaon. Over the past 16 years, Zinnov has successfully consulted with over 250+ Fortune 500 customers to develop actionable insights that help them in their transformation journeys. With core expertise in Product Engineering and Digital Transformation, Zinnov assists clients by: