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A whopping 80 per cent companies witnessed a growth in revenue through investments in Internet Of Things (IoT) technology, says a study commissioned by TCS.
The average increase in revenue as a result of investments in IoT is 15.6 per cent, said the biggest software exporter in the country, quoting a study conducted among 795 executives working at large multinationals.
IoT refers to a network of physical objects or “things” embedded with electronics, software, sensors and connectivity to enable objects to exchange data.
Only nine per cent respondents said that they saw a revenue push of over 30 per cent because of IoT, while some market leaders reported a revenue jump of as much as 64 per cent as well, the study said, adding that companies are also keen to spend more.
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Twelve per cent of executives surveyed said they would spend USD 100 million on IoT in 2015 and three per cent said that their investments would be over USD 1 billion.
“Leaders in using IoT technologies are using it to completely re-imagine their businesses by changing every
aspect of them from business models and products to business processes and workplaces,” TCS Managing Director and Chief Executive N Chandrasekaran said.
The study found that presently, nearly half of the companies use IoT technologies to track customers through mobile applications, adding that the industrial manufacturing sector led the way, ahead of the healthcare sector.
On the geographical front, Europe and North America are leaders in adoption of IoT technologies, the study said.
North American companies will spend 0.45 per cent of revenue this year on IoT initiatives, while European companies will spend 0.40 per cent.
Companies in Asia-Pacific invest only 0.34 per cent of revenue in it, while Latin American firms spend 0.23 per cent of revenue, the TCS study said.
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