An Inmarsat study predicts that IoT technology will boost global business revenue by 10% in the next 5 years.
A study was done by the Inmarsat, that IoT technology will boost the world’s economy significantly by 2023. Specifically, the company sees that IoT will uplift global company’s revenues by $154 million. This translates to over R2 billion. In terms of percentage, this means that companies may boost their revenue by 10% by the same year. This is due to the positive effect that IoT may have on businesses through its ability to automate, increase efficiency, “realtime data”, better connectivity in remote areas as well as global “machine to machine” communication.
President of Inmarsat commented, “IIoT [Industrial Internet of Things] is emerging as a major force in the modern enterprise and it’s clear that businesses are prioritising satellite technology to transform their operations and achieve competitive advantage. Data generated by IIoT infrastructure is expected particularly to bring greater transparency to the global supply chain, allowing businesses to automate processes, reduce operational waste and speed up rate of production, leading to higher revenues and lower costs”
“However, many businesses are struggling with security, skills and connectivity challenges in large-scale IIoT deployments. Over half (56 percent) require additional cyber-security skills and 34 percent don’t yet have access to the connectivity they need. For global businesses that require a global communications network, satellite connectivity will play a key role, guaranteeing constant secure data transmission wherever their IIoT infrastructure is located”
What is Inmarsat?
Inmarsat provides global mobile connectivity linked to IoT deployment services. They provide these services to many sectors from transport to agriculture and claim to be, “the leading provider. “
