Intelligent CIO Middle East Issue 23 - Page 40

FEATURE: IOT IoT’s point of inflexion still a year ahead With a recent Cisco study indicating that 60% of IoT projects stall at the proof of concept stage, it is apparent that the point of inflexion may still be at least a year ahead. By Arun Shankar. C isco predicts the Internet of Things will become a $19 trillion market over the next few years while IDC predicts that the worldwide installed base of 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. the world’s highest cloud traffic growth rate at 41%. By 2021, more members of the global population will be using mobile phones (5.5 billion), than bank accounts (5.4 billion), running water (5.3 billion), or landlines (2.9 billion), according to the 11th annual Cisco Visual Networking Index Global Mobile Data Traffic Forecast, 2016 to 2021. Despite the forward momentum, a new study conducted by Cisco shows that 60% of IoT initiatives stall at the proof of concept stage and only 26% of companies have had an IoT initiative that they considered a complete success. Even worse, a third of all completed projects were not considered a success. “Let us define what we mean by third platform technologies. IDC coined this term to mean an emerging platform for growth and innovation built on the technology pillars of mobile computing, cloud services, big data and analytics, and social networking. I believe that IoT and the third platform technologies will have to go hand in hand especially since the next phase for the third platform will be extending to IoT,” remarks Fady Younes, Deputy Managing Director and Operations Director of East Region at Cisco Middle East. The Middle East is primed to become a global driver in IoT connected innovations. As Cisco’s Global Cloud Index Forecast estimates by 2019, that the Middle East and Africa will have 40 INTELLIGENTCIO “Middle East is primed to become a global driver in IoT connected innovations.”