NTT Ltd., a world-renown IT infrastructure and services company, and Cisco, a global tech leader, announced a collaboration to develop and deploy joint solutions that empower firms to improve operational efficiencies and advance sustainability goals. The global IoT market is expected to grow 19% in 2023, with a potential market size of $483 billion by 2027.
What does the partnership mean for the industry?
As part of today’s news, NTT has bolstered its Internet-of-Things consulting and services business that brings together more than 1000 practitioners and 100 use cases in areas such as connected cars, fleet management, predictive maintenance, smart cities, digital twins, connected factories, utilities and more. NTT has already trained more than 500 Cisco sales experts to accelerate the companies’ combined capabilities and go-to-market efforts.
“We are accelerating our IoT business initiatives to deliver a powerful portfolio of repeatable services that can be tailored to meet customer demand for these kinds of solutions. We’re in a unique position,” said Devin Yaung, SVP of Group Enterprise IoT Products and Services, NTT.
“We are excited to work together to help transition our customers to this IoT-as-a-Service model so they can quickly realize the business benefits across industries and around the globe,” said Samuel Pasquier, VP of Product Management, Industrial IoT Networking, Cisco.
What is the market offering of the joint solution?
Leveraging NTT’s innovative Edge as a Service portfolio and Cisco’s Internet-of-Things capabilities, solutions developed by the two companies will offer real-time data insights, enhanced security, improved decision-making, and reduced operational costs through predictive maintenance, asset tracking, and supply chain management capabilities.
The companies will deliver solutions that combine NTT’s Managed Services expertise, automation capabilities at the edge, and the management of complex IT environments, with Cisco’s IoT capabilities, including Low Power Wide Area Networking (LoRaWAN).
Transforming Water Management Through Smart Solutions
NTT and Cisco are developing solutions and go-to-market offers focusing on industries such as manufacturing, transportation, and healthcare, where there is a growing demand for edge computing and Internet-of-Things solutions. The two companies are already deploying this advanced ‘ruggedized’ service to several customers including Compagnie Intercommunale Liégeoise des Eaux (CILE), a public water distribution company located in Belgium.
NTT and Cisco have deployed thousands of LoRaWAN sensors across CILE’s infrastructure to provide remote visibility that improves operational efficiencies related to water quality, consumption, distribution, and maintenance. The solution also includes advanced technologies such as smart distribution networks, remote reading through smart meters, smart grid for remote management, connected IoT objects, and AI, delivered as a managed service.
The network also provides the building blocks to support other sustainability use cases such as waste management, parking management, water quality and street light controls.
“At CILE, we provide critical infrastructure for 24 cities in Belgium, which means efficiency, security and reliability are key,” commented William de Angelis, CIO and CDO at CILE.
“With NTT and Cisco’s support, we have real-time insights into our facilities and distribution networks, including faster detection of leaks, allowing us to respond to issues instantaneously and expand the network to other sustainability use cases,” William de Angelis further added.
NTT Ramps Up IoT Consulting and Services Business
In a move to prioritize and scale IoT for clients and partners, NTT has activated an IOT-dedicated business unit bringing together deep expertise and capabilities from around the globe. The team of 1,000 consultants, engineers, enterprise architects, and sustainability experts will build, deploy, and manage over 100 use cases in areas like connected cars, fleet management, predictive maintenance, smart cities, digital twins, connected factories and etc.
“We’re doubling down on NTT’s IoT capabilities to meet customer demand. What we’re doing is pulling together our collective knowledge and skillsets, and putting the full power of NTT behind it, to better sere our clients and the need to outfit or retrofit their firms with the connectivity and visibility they need to improve day-to-day business operations,” said Yaung.
What is the wider industry context of this partnership?
The global IoT market is growing rapidly, with a projected value of $3.3 trillion by 2025. This growth is being driven by a number of factors, including the increasing availability of low-cost sensors and connectivity, the growing demand for data-driven insights, and the need to improve efficiency and productivity in a variety of industries.
The IoT market is being segmented by component, application, and region. By component, the market is segmented into sensors, actuators, network infrastructure, and software and services. By application, the market is segmented into smart cities, industrial automation, healthcare, transportation, and consumer electronics. By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
The smart cities segment is expected to be the fastest-growing segment of the IoT market during the forecast period. This is due to the increasing demand for smart city solutions that can help to improve the efficiency of city operations, reduce costs, and improve the quality of life for citizens.
The industrial automation segment is also expected to grow at a significant rate during the forecast period. This is due to the increasing demand for automation solutions that can help to improve the efficiency and productivity of manufacturing processes.
The healthcare segment is another key growth area for the IoT market. This is due to the increasing demand for connected medical devices that can help to improve the quality of care for patients and reduce costs.
The transportation segment is also expected to grow at a significant rate during the forecast period. This is due to the increasing demand for connected vehicles that can help to improve safety, reduce emissions, and improve traffic flow.
The consumer electronics segment is expected to be the largest segment of the IoT market during the forecast period. This is due to the increasing demand for connected devices such as smart TVs, wearables, and smart home devices.
The growth of the IoT market is being driven by a number of factors, including the increasing availability of low-cost sensors and connectivity, the growing demand for data-driven insights, and the need to improve efficiency and productivity in a variety of industries. The IoT market is expected to continue to grow at a significant rate during the forecast period, and it is expected to have a major impact on a variety of industries.
Here are some of the key challenges facing the IoT market:
- Security: The IoT market is vulnerable to security threats, as connected devices can be hacked and used to steal data or launch cyberattacks.
- Privacy: The IoT market raises privacy concerns, as connected devices can collect and store large amounts of data about users.
- Standardization: The IoT market is fragmented, as there is no single standard for connecting and managing IoT devices.
- Regulation: The IoT market is facing increasing regulatory scrutiny, as governments seek to ensure the safety and security of connected devices.
Despite these challenges, the IoT market is expected to continue to grow at a significant rate during the forecast period. The market is being driven by a number of factors, including the increasing availability of low-cost sensors and connectivity, the growing demand for data-driven insights, and the need to improve efficiency and productivity in a variety of industries.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3.
