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According to IDC estimates, the Spanish IOT market will increase from 12 billion euros in 2016 to more than 23 billion in 2020, implying a compound annual growth rate (CAGR) of 17.9%.
The Internet of Things continues its growth. Defined by the IDC as a set of sensors, systems or products connected, wirelessly or through cables, with the ability to generate data automatically, without human intervention, is increasingly present in the lives of Spaniards.
Not in vain, and according to an IDC study, Spain is the fifth country in Europe to invest in IoT, behind only Germany, the United Kingdom, France and Italy.
In the future, the IoT market in Spain will increase from 12 billion euros in 2016 to more than 23 billion in 2020, which means a compound annual growth rate (CAGR) of 17.9%. In making these estimates, IDC includes expenses related to hardware, services, software and connectivity, and is in line with the situation in Europe, where the CAGR rate will be 18.3%.
Despite the positive of these data, “the Internet stuff market is in an early stage of development in our country,” IDC says. “The economic instability and budget constraints of IT departments have slowed investments in this area. However, economic recovery, as well as the involvement of business lines in financing, should improve business confidence and give green light to projects that accumulate delays. ”
The Spanish companies argue as main points in favor of the adoption of IoT process automation (26%), reduce operating costs (24%) and improve the customer experience (23%).
However, many organizations recognize that they have difficulty dealing with this type of initiative, such as initial costs (29%), security concerns (25%) and privacy issues (17%). In addition, 69 percent of organizations that adopt IoT technologies have created or are planning to create new security policies designed specifically to meet the needs and challenges related to this advancement.
IoT can bring excellent competitive advantages to virtually every industry. But to take advantage of the benefits of the Internet of Things, “a strategic and tactical IoT plan must be developed that spans the next few years, not just in the short term and to identify the role that the company can play in IoT and take advantage of competitive advantages . , promoting a culture of innovation “, concludes the consultant.