The numbers in Gartner’s 2017 Internet of Things market forecast — which predicted that by the end of the year there would be 8.4 billion connected things in use worldwide, with businesses accounting for 3.1 billion of them — suggest that the market is humming along. Businesses are on track to spend $964 billion this year on IoT hardware and another $273 billion on services.
However, a recent IoT survey from Cisco Systems indicates that businesses looking to profit from the connected future face significant hurdles. As Cisco notes in a statement, “The survey results show that, while most consumers believe IoT services deliver significant value for them, very few understand or trust how their IoT data is being managed and used.”
Connecting large amounts of devices to the internet is not the only way businesses should measure success in the IoT realm, the survey suggests. Consumer sentiment plays a big role as well, and that’s where the IoT market is facing a conundrum. Consumers are aware of IoT and feel that it brings value to their lives, but they do not trust it. Cisco terms this the “value/trust paradox.”