I am always amazed when I see common sense, as there is certainly a lack of it and not just in business. I don’t really spend a lot of time researching IoT, so I am most certainly not an expert. I just read an article by David Weldon, In Information Management, entitled ‘Is the Internet of Things’ the Most Overhyped Trend in IT?. It illustrates how technology media catches on to a phrase and blows it out of proportion (sounds familiar).
According to the article, Beecham Research, an internationally recognized thought leader in IoT market development. Beecham researchers are warning companies planning to get into the Internet of Things (IoT) market “not to believe all the hype and over optimistic predictions.”
“In other words, there is a cycle of introduction that can take anything from about 18 months to four or five years, or more, to fully implement within an enterprise. It is completely unrealistic to expect implementations to be fast tracked everywhere, which is what would be required to happen to reach the high growth rates of 50 percent-plus per annum that some are projecting,” Duke-Woolley, CEO of Beecham Research explained.
Duke-Woolley is particular critical of predictions of trillions of dollars of new revenue. “We need to get real here. The total GDP of the United States – the biggest national economy in the world – is currently 18 trillion dollars annually*. To suggest that new revenue from IoT will approach even 10% of this over a 5 to 10 year period is unrealistic and unhelpful.”
Unfortunately, I use quotes and statistics that I read. I assume if they are from a reputable source, they are true. At least most of the time. Since I write quite a bit, if I don’t provide a source, readers won’t believe you. In any case, it’s a good lesson for all of us. Don’t always believe what you read (or hear for that matter).