Seventeen percent of respondents to a recent KPMG survey identified IoT as the top game changer that will drive the greatest business transformation.
The KPMG report noted that tech industry leaders from the UK (21 percent) and Japan (20 percent) give stronger marks to IOT, followed by the US (16 percent) and China (13 percent).
"Over the last few years, IoT has moved from experimentation to driving value as it digitizes the physical world," KPMG said in its report.
It added that IoT providers are maturing and moving from basic connectivity to full-blown platforms that are now getting bundled with cloud offerings.
However, the report identified complexity, risk management, and security as the top challenges brought about by the rise of IoT platforms.
"IOT brings great opportunity through omniscience across the entire business, but this super-power comes with a liability around security and privacy," affirmed Key Sampanthar, Executive Director, Innovation Labs at KPMG in the US.
The second and third technology disruptors identified by the respondents were artificial intelligence (AI) and robotics. But even these are seen to be converging with IoT in enabling the creation of new business models.
"The data captured by sensors can be processed by AI algorithms to enable deeper analysis of real-time IoT data streams to drive more powerful decision making," the report noted.
KPMG also emphasized that now more than ever, there is a need for greater interoperability.
The study polled more than 750 global technology industry leaders, 85 percent C-level. The KPMG publication series, “The Changing Landscape of Disruptive Technologies,” now on its sixth year, has been providing perspective on technology trends.
Title image: Photo by www.pexels.com