Smart Apps Create Opportunity to Reshape Entire Industries
With these smart experiences already proliferating the consumer space, enterprises face a sense of urgency to catch up and start generating value from these technologies before competitors. Organizations that delay adoption and fail to catch the IoT and algorithmic business wave risk competitive disadvantage—or displacement by digital disruption in the next five years.
As much as these new trends represent an existential threat, they also present one of the biggest business opportunities in decades. According to Gartner, by 2018, over half of large organizations globally will compete using advanced analytics and proprietary algorithms, causing the disruption of entire industries and the formation of new businesses that deliver great value. In addition, McKinsey estimates that IoT alone could generate up to $11.1 trillion a year in economic value by 2025.