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IoT and B2B are a perfect match

Bain & Company predicts that the IoT business in the B2B sector is set to grow to $331 billion worldwide by 2020, although demand is particularly high among corporate customers, 60% have not yet chosen a provider.

18 Dec. 2017
Marie-Lucine Tapyuli
Bain & Company Germany, Inc.
IoT and B2B are a perfect match (picture: Bain & Company Germany, Inc.)

According to the study "Choosing the Right Platform for the Industrial IoT", the manufacturing industry alone accounts for $85 billion of the $331 billion . Although most of the companies interested in the Internet of Things have not yet chosen a partner, the time window is narrow as the survey of around 500 industrial customers and 150 technology suppliers shows. More than 60% of companies are planning to start implementing IoT solutions as early as 2020. Almost all investment decisions would have been made by 2025 at the latest. It is thus not surprising that there is currently "intense competition" to win the favor of corporate customers.

There are nevertheless still obstacles. Many companies are concerned about the security of the systems and they fear the installation of the new software in their existing technology world. Many do not yet see the business advantage either. As a result, smaller niche providers with specialized applications are currently often more successful than the big corporations, according to Bain & Company. They need to cooperate with appropriate partners that can provide them with cloud services, network services or data analysis software. Such strategic partnerships are in fact already widespread .

A recent study by Verizon also sees B2B as the main driver and winner of IoT applications. Apparently 73% of the interviewed decision-makers are currently dealing with the topic or have even started to implement it.