Spending projections include 25 use cases to provide insight on immediate opportunities for IoT technologies
FRAMINGHAM, Mass., May 19, 2015 – The worldwide Internet of Things (IoT) market is expected to grow 19% in 2015, led by digital signage, according to a new forecast from International Data Corporation (IDC). The second annual forecast focuses on growing IoT use in 11 vertical industries, including consumer, retail, healthcare, government, manufacturing, transportation, and other industries, while also sizing IoT opportunities for 25 vertical-specific use cases.
Unlike any other research in the industry, the new forecast specifically highlights worldwide spending across IoT use cases, including smart appliances, automated public transit, remote health monitoring, digital signage, connected vehicles, and air traffic monitoring, among others. The comprehensive spending model was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today.
ClicktoTweet, @IDC Asserts Worldwide #InternetofThings Market to grow 19% in 2015, led by #Digitalsignage
Other key findings from the new forecast include:
The IoT market in manufacturing operations will grow from $42.2 billion in 2013 to $98.8 billion in 2018, a five-year compound annual growth rate (CAGR) of 18.6%. Growth will be driven by ongoing efforts to increase efficiency and link islands of automation.
Digital signage use in retail outlets will grow from $6.0 billion in 2013 to $27.5 billion in 2018, a 35.7% five-year CAGR, as retailers continue to digitize the consumer experience.
The hottest US market is in connected vehicles, with 34.8% year-over-year growth anticipated in 2015.
In the latest installment of CIO Quick Takes, three IT executives talk about the Internet of Things and the concerns that come with the opportunities offered by billions of connected devices.
When you hear the phrase Internet of Things (IoT), you are probably excited, confused, concerned or tired of hearing the buzzphrase — or maybe all of those things plus a few more. After all, the reality of digital devices acting on their own to capture, transmit and, in some cases, act on data affects everything from home appliances to telehealth is attention-getting.
Just how many “things” are are talking about? Gartner estimates that by 2020, the IoT will consist of 25 billion devices. Those devices, according to Cisco, will dominatethe Internet by 2018. Yep, dominate – meaning machines will communicate over the Internet more than we (i.e. humans) do. So if there’s a little fear, uncertainty and doubt mixed in among the excitement, it’s only natural.
And it’s not just consumer applications driving the technology. While consumer technology will account for the greatest number of connected things, according to Gartner, enterprises will drive the revenue. The research firm predicts that in 2020 the top industries will be utilities, manufacturing and government. The automotive sector is showing the greatest growth currently, Gartner says.
When you think about the IoT, what do you see as the biggest opportunities and the biggest areas of concern?
Gautam Roy, vice president of IT, Waste Management
As the physical and digital worlds integrate more closely, the IoT will enhance and evolve our ability to manage and process information. The IoT has the potential to transform industries and the way we live and work by turning data into collaborative experience.
In the always-on world, the right data at the right time can help businesses to operate effectively and communicate with their customers to provide personalized solutions and optimize supply chain cost. It could help government tackle socioeconomic issues through a better understanding of data.
Issues are plenty: Security, privacy, integration complexity, governance, standards and policies.
Ken Piddington, CIO and Executive Advisor, MRE Consulting
The IoT or better-stated, the Internet of Everything is creating unprecedented opportunities for organizations to achieve great value from a growing network of connected devices. I believe that the biggest opportunities lie in the ability to collect, process and respond to data streams in real-time. For example, the value proposition for supply chain optimization is tremendous.
The biggest challenge is security. With the number of network devices increasing so does the number of attack vectors. A proper balance between security and use must be found for the IoT to deliver all the value envisioned for it.
This week’s marketing news roundup focuses on marketers wasting time on ‘dirty’ data and which email subject lines are most effective.
Data is vital for B2B marketing but it looks like marketers could be wasting their time and effort on dirty data. According to a Spear Marketing Group recent poll, 54% of US B2B marketing executives estimated that over 25% of their marketing database included old, inaccurate, unusable or duplicate leads. Furthermore the majority of respondents described the accuracy of their data as “fair,” or “bad”. This problem also often manifests itself as a barrier to marketing across multiple channels.Econsultancy has found that 42% of marketers say inaccurate contact data is the biggest barrier to multichannel marketing.
‘Dirty’ data is not only wasting marketer’s time, it also affects the bottom line. Experian Data Quality research has found that the cost of inaccurate data has a direct impact on the bottom line of 88% of companies, with the average company losing 12% of its revenue.
Even though marketers have identified this problem, it looks like they’re reluctant to use solutions to overcome it. With 46% of respondents not employing such tools to automatically enrich, append, clean or de-dupe leads before they entered the system.
Email Subject Lines
Email subject lines can determine the success of your campaign. With so many emails flooding into mailboxes, competition is getting stiffer. And no matter how good your email design is, it won’t be seen if your email subject if it’s not engaging. Return Path’s recent study analysed nine million subject lines received by more than nine million subscribers to discover which subject lines are gaining the most success.
You may have often heard that shorter subject lines increases your read rate chances however the study has found no relationship between subject line length and read rate. Subject lines with 61-70 characters had the highest read rate and almost twice the read rate of subject lines with more than 100 characters. Even though the study demonstrates a higher read rate in the study, longer character emails only comprised of just 6% and 3% of the study. While the most commonly used length was 41-50 characters, in one-quarter of emails analysed.
The research discussed that even though there isn’t a relationship between subject line length and read rate it explains marketers should not pay attention to length. Mobile devices display subject lines in different ways and the research suggests that it’s more important to place a CTA at the beginning of a subject line if the audience is primarily mobile.
Handing off customers, from marketing to sales to customer service, seems a bit jolting in today’s digital world. These days, customers own the online social relationship, and they don’t want to be passed around like a hot potato. They demand one group to guide them through the customer journey.
More often than not, this group is the digital marketing team.
Death of a salesman
Already there are signs that marketers are pushing out salespeople. Forrester predicts one million B2B sales jobs will disappear in the coming years, as customers research and purchase goods online. At DEMO Traction in San Francisco last week, many startup tech companies said they don’t even employ salespeople.
On the post-sale side, a fight has broken out on social media between marketers and customer service pros over control of the customer relationship. Customers don’t want to pick up a phone and call customer support anymore. They want answers online, where marketers hold sway yet aren’t good at providing customer service.
“Initially seen as an outbound channel for marketing, social media soon also saw consumers seeking customer service, something marketing teams were ill-prepared to handle,” writes Forrester analyst Ian Jacobs in a brief entitled Take Social Customer Service Beyond Your Own Walled Garden.
Jonathan has been with Tangent for ten years. Responsible for loyalty strategy and CRM planning at the agency, his experience covers Walkers Crisps, Carlsberg, Sky and Wolseley. He has devised, scoped, developed and deployed large scale tech developments, loyalty programmes, as well as advising clients on contact and content strategy.
Having spent many years advising clients on how best to use data to create relevant strategies and campaigns, here Jonathan shares his top tips on how to ensure a personalised customer experience in the b2b sector.
A new stage of personalisation is dawning; one of ‘hyper-personalisation’ and ‘marketing to the segment of one.’ It could be argued that personalisation is now entering its golden age.
Marketing within b2b is particularly suited to data-driven personalised marketing. This is because of the many different customer touch-points, the complex nature of their journeys, and the varying depth of involvement with each business.
However, the large amount of administration required in b2b means that companies have a rich source of vital information: the data. Coupling the data with the tools and your propositions makes for a powerful mix, despite lean budgets and resource.
1. Remember: you’re still dealing with people
The most important thing to remember is that, whomever your audience comprises of – b2b technology marketers and IT decision makers perhaps – you are always dealing with people. The distinction between this, and B2C, is that customers here will be focussed on their company’s objectives, rather than their personal needs. So how do you best address these? By presenting what you do in a humanised way. Reading up on behavioural economics will stand you in good stead here.
2. Invest in your data
Many b2b businesses rely on relationships throughout the organisation to deliver on their objectives. It is key that everyone has the appropriate access to customer data to understand how best to serve that customer. In b2b, customer service is your key differential in often crowded market places. Your data will unlock a great deal of insight.
A senior banker – let’s call him Jack — was on a conference call attempting to close out an acquisition. The stakes were high. It was a multibillion-dollar deal and the negotiation of the final price hinged on the measurement of the target’s EBITDA, the Earnings Before Interest, Taxes, Depreciation, and Amortization. Jack argued that the EBITDA was lower; the opposite party asserted it was higher.
In the middle of the lengthy, convoluted discussion of the numbers, a junior associate realized that, in fact, the other side was right. She passed Jack a note letting him know this. Jack stared at the associate with contempt and proceeded to argue even more vehemently for the lower price. He literally just spoke louder than the other party, cutting them off at every opportunity. And he won. The other side just gave up. In the associate’s words, “I knew Jack was wrong. Jack knew Jack was wrong. The other side knew Jack was wrong, and Jack still won!”
How can we build teams and organizations that don’t succumb to the jerk who just yells more, argues louder? We all want to be data-driven instead of being driven by supposition, ego, and ideology
Over the last two years, I’ve had the opportunity to meet with analysts and leaders inside data-driven organizations as well as many that were not so data driven. Surprisingly, I’ve learned that being data driven has little correlation to size or geography and only a marginal correlation to industry. Data-driven companies range from small health care firms to large banks and even include mid-sized non-profits. And while the traditional categorizations of businesses have little to offer, I’ve observed a few common characteristics:
1. Size doesn’t matter, but variety does. You would think that a data-driven organization has a lot of data, petabytes of data, exabytes of data. In some cases, this is true. But in general, size matters only to a point. For example, I encountered a large technology firm with petabytes of data but only three business analysts. What really matters is the variety of the data. Are people asking questions in different business functions? Are they measuring cost and quality of service, instrumenting marketing campaigns, or observing employee retention by team? Just getting a report at month end on profits? You’re probably not data driven.
2.Everyone has access to some data. Almost no one has access to all of it. There are very few cultures where everyone can see nearly everything. Data breach threats and privacy requirements are top of mind for most data teams. And while these regulations certainly stunt the ability of the company to make data available, most data-driven companies reach a stage where they have developed clear business processes to address these issues.
3.Data is all over the place. One would think that the data is well organized and well maintained — as in a library, where every book is stored in one place. In fact, most data-driven cultures are exactly the opposite. Data is everywhere — on laptops, desktops, servers.
Bombora was created as a new entity to serve as the primary industry source for consolidated intent data for the B2B market
NEW YORK, NY – April 13, 2015 – Madison Logic Data, the premier provider of demographic and intent data solutions for leading B2B marketers worldwide, today announced that it has rebranded as Bombora. Bombora was created as a new entity to serve as the primary industry source for consolidated intent data for the B2B market.
Bombora’s growing database of interest areas for 245 million business decision makers and more than 2 million unique companies worldwide, creates efficiencies across all aspects of the B2B sales and marketing stacks, including email marketing, site personalization, inside sales, lead scoring, and content creation. With more than 1 billion business interactions each month, Bombora has become the B2B standard in providing scale for B2B applications.
“Behavioral intent data has proven its worth as a vital targeting tool, but unfortunately, most B2B marketers’ access to that data is fragmented, making it more difficult to gain a holistic view of one’s customers and prospects,” said Bombora CEO Erik Matlick. “Bombora breaks down the data silos that cause that fragmentation, consolidating data to enable the entire B2B marketing industry to better understand what companies and individual end users are interested in at any given time.”
During its six-month incubation period as Madison Logic Data, Bombora has already provided an unrivaled volume of high-quality B2B intent data that enables marketers to improve efficiencies and boost engagement throughout the customer journey. Here is what partners and customers are saying about Bombora:
“Bombora allows us to offer granular interest-based targeting to our advertising partners, as well as next generation post campaign analytics,” says Ann Marionovich, Vice President, Advertising Strategy at Forbes Media.
How are vendors, IT enterprises, and investors making decisions with 3rd Platform technologies? Since 2012, M&A deals have been skyrocketing in both deal volume and value. In 2014, total IT disclosed deal volume jumped to $476 billion and had almost 1,300 deals associated with cloud, mobile, social, and big data technologies.
IDC’s Vendor Watch Service provides expert guidance on smaller, private tech vendors before they hit the public radar.
Computerworld is seeking case studies that illustrate intriguing ways data analytics is being used everywhere from research to commerce.
Do you have an interesting case study on mining data for analysis, prediction and/or boosting the bottom line? We will showcase a select group of the most innovative and fascinating case studies on Computerworld.com in September 2015.
Blake Cahill, global head of digital and social marketing at Philips, manages more than 70 marketing technologies.
He is one of a growing number of marketing heads becoming inundated with technology as media silos crumble and data integrates to support cross-channel and cross-device marketing and advertising.
“Just in the customer relationship management sector, we have three or four major pieces of technology, and then underneath another three or four to manage the customer data,” Cahill said. “In the social space, we have about seven or eight pieces of technology to help with social listening, publishing, and analytics.”
Cahill is looking at technology investments to better automate media decisions and ecommerce, because as the company builds more Internet-connected products, consumers will purchase service contracts from the brand, rather than third parties like Amazon. He is also looking at adding technology around affiliate and media marketing as it relates to the triangle between search engine optimization, social optimization, and ad-serving.
For years, Gartner has been touting the majority shift in spend on technology from CIOs to CMOs. Cahill references the research firm’s forecast, which suggests that within the next few years, marketing will see CMOs spend more on new digital technology than CIOs. Not at Philips, he said, admitting that it depends on the company.
“It may be true if you’re a start-up like Uber and the model is built around marketing and customer engagement, but if you’re a larger company with an established infrastructure, the statement isn’t necessarily true,” Cahill said. “Marketing departments are making massive investments in technology to drive customer relationships and media.”
Gartner estimates that the average B2C relies on more than 50 applications and technologies to support marketing. By 2018, CIOs who build strong relationships with CMOs will drive a 25% improvement in return on marketing technology investment.