Global IoT Technology & Services spend by enterprises will dominate the ecosystem growth; Pegged at USD 216 Billion in 2020, it is expected to grow at a CAGR of 22% to reach a massive USD 554 Billion by 2025, says Zinnov
- Global Enterprise IoT Spend has remained resilient amidst COVID-19, and is expected to clock in a 22% CAGR for the next 5 years
- Companies across Healthcare, Manufacturing, Travel & Hospitality, and Retail/e-Commerce verticals have invested in several IoT use cases to ensure business continuity, underscoring the growth
NEW YORK, Nov. 20, 2020 /PRNewswire/ -- Zinnov, a leading global management and strategy consulting firm, released its global ratings of IoT (Internet of Things) Technology Services Companies, titled, "Zinnov Zones for IoT Technology Services – 2020," today. The 2020 edition of the comprehensive study is unique because for the first time, Zinnov has rated Service Providers on use cases such as Digital Thread, Telemedicine, Contactless Retail, and Public Infrastructure, in addition to assessing them for their overall IoT prowess. The Zinnov study enables business leaders across industries to make informed decisions in their partner selection across geographies for their IoT-led product and service initiatives.
The Zinnov study highlights that the IoT segment has remained buoyant even in the face of COVID-19. Enterprises are continuing their investments on end-to-end connected, intelligent, and immersive initiatives such as 'Digital Thread,' in order to future-proof themselves from supply chain disruptions, production halts, etc. In fact, Digital Thread is already playing a key role in how enterprises conceptualize, design, manufacture, and support products, and will continue to draw large investments from enterprises.
Digital Manufacturing is another area where enterprises are heavily investing in, and will become an integral part of the 'factory of the future'- where shop floor workers are empowered with Augmented Reality (AR), 3D printing, and IoT. 'Contactless Retail' is one of the more widely adopted IoT use cases, and has become the proverbial life raft of the Retail vertical. Retailers are deploying IoT-based solutions store-wide to ensure that stores do not become hotspots of virus spread. The pandemic has also expedited the retailers' technology adoption journey with many of them increasingly focusing on Drone-based Delivery, Automated Checkout systems, and Symptom Monitoring systems, which are further driving enterprise IoT spend.
The Zinnov Zones study also revealed that 'Telehealth Services' have gained rising prominence in the current crisis. Services such as telemedicine, remote patient monitoring, and other critical healthcare services have noticeably come to the fore. With the rapid adoption of Tele-consultation platforms, leverage of smart sensors and Artificial Intelligence (AI) to monitor patient health in real-time, IoT is expected to witness further acceleration in terms of spend and deployment. IoT-based solutions are playing a pivotal role in the fight against the pandemic, helping healthcare providers in patient diagnosis and treatment, hospital operations, and even clinical trials. In light of the unprecedented role that IoT has played in battling the pandemic, governments across the world have renewed their focus on building smart and connected 'Public Infrastructure' with initiatives such as remote disinfection, contact tracing wearables, and drone-based monitoring attracting large investments.
Speaking about the report, Pari Natarajan, CEO, Zinnov, said, "Although there are a number of IoT-based use cases rapidly being deployed to cater to more immediate needs, enterprises are witnessing a fundamental transformation in technology leverage, process mapping, regulatory environment, and customer expectations, forcing businesses to relook at their technology adoption strategies. As business operations undergo this massive shift, IoT-based technologies and use cases will be anchored as the core of their product development initiatives to drive tangible business outcomes and increase customer safety as well as engagement. Given the multitude of uses across different organizations, across verticals that IoT as a technology offers, we expect that the enterprise community will double down on deploying various IoT solutions, resulting in a flywheel of adoption."
For this study, 40 Global IoT Technology Service Providers were assessed on their IoT Technology Services prowess and competency, across the following segments:
Overall IoT Services
'Zinnov Zones for IoT Technology Services 2020' study analyzed 40 Global IoT Service Providers on their overall IoT prowess as well as other segments, to position them in 4 Zinnov Zones ('Nurture Zone,' 'Breakout Zone,' 'Execution Zone,' and 'Leadership Zone'). Accenture, Aspire Systems, Robert Bosch Engineering and Business Solutions Private Limited, Bristlecone, Capgemini, Cognizant, Cyient, eInfochips, Expleo Group, e-Zest, GS Lab, Happiest Minds, HARMAN Connected Services, HashedIn, HCL, Ignitarium, Infostretch, Infosys, intive, Itransition, L&T TS, Marlabs, Microland, Mindteck, Mindtree, Mphasis, Musala Soft, N-iX, Persistent Systems, QuEST Global, Sasken, SoftDel, Tata Elxsi, Tata Technologies, TCS, Tech Mahindra, UST Global, Volansys, VVDN Technologies, Wipro are the global Service Providers assessed in this study.
About Zinnov Zones
Zinnov Zones is an annual rating published by Zinnov which rates Global Technology Service Providers based on their competencies, capabilities, and market success. Since 2009, Zinnov Zones (previously known as GSPR – Global Service Provider Ratings) has become one of the most trusted reports globally, for both enterprises and Service Providers to better understand the vendor ecosystem across multiple domains such as Digital Transformation, ER&D Services, IoT, RPA, and Media and Entertainment.
This is the twelfth consecutive year that Zinnov has assessed Service Providers for their ER&D capabilities. The detailed ratings and contact information of service providers are available on https://zinnovzones.com/
Founded in 2002, Zinnov is a leading global management and strategy consulting firm, with presence in Santa Clara, Houston, Bangalore, Gurgaon, and Paris. Over the past 18 years, Zinnov has successfully consulted with over 250+ Fortune 500 enterprises and technology companies to develop actionable insights that help them create value – across dimensions of both revenue and optimization. With core expertise in Product Engineering, Digital Transformation, Innovation, and Outsourcing Advisory, Zinnov assists clients by:
Enabling global companies to develop and optimize a global engineering footprint through center setups, and technology and functional accelerators to achieve higher R&D efficiencies, innovation, and productivity;
Advising global PE firms in asset shortlisting and target evaluation, commercial due diligence, and value creation;
Growing revenue for companies' products and services in newer markets through account intelligence, market entry, and market expansion advisory;
Structuring and implementing Digital Transformation levers enabled by technologies like AI/ML, Cloud, IOT, and RPA;
Helping global companies outline and drive their open innovation programs, design and operate accelerator programs, and enable collaboration with start-ups across specific use cases and predefined outcomes.
With their team of experienced consultants, subject matter experts, and research professionals, Zinnov serves clients from across multiple industry verticals including Enterprise Software, BFSI, Healthcare, Automotive, Retail, and Telecom in the US, Europe, Japan, and India.