Nearly 75 percent of IoT projects currently fail. To overcome these challenges and help realize the full potential of IoT, technology leaders from across the globe have united around a new approach to reinforce best practices, streamline procurement, and enable more consistent, positive outcomes.
Plummeting costs and rapid technological advancements in connectivity, computing and storage have opened the door for rapid expansion of the Internet of Things (IoT). Despite a growing number of companies, organizations and governments experimenting with IoT, success stories have been difficult to come by. According to a 2017 analysis by Cisco, three-quarters of IoT projects fail due to limited understanding of how to effectively design and integrate these solutions into day-to-day corporate or government operations. Moreover, challenges related to security, interoperability and the sustainability of IoT solutions are widespread.
IoT holds the potential to generate new cost-savings and efficiencies while also driving significant improvements to the quality of life. An analysis by the World Economic Forum, in partnership with IoT-Analytics GmbH, found that an estimated 84 percent of IoT deployments are currently addressing, or have the potential to advance, the United Nations Sustainable Development Goals. This analysis supports the intuition that many shares: IoT has clear societal benefits that could be maximized without compromising commercial or economic viability.
Key Dates and Next Steps
2016-2017: More than 35 cities commit to deploy IoT technologies in a more coordinated and consistent manner, leveraging a common set of shared values.
June 2018: Government partnerships announced with Brazil and Denmark to launch new IoT policy pilots.
Summer 2018: Co-design of initial implementation model framework, shared values and guiding principles.
September 2018: Announced preliminary findings from expert analysis to prioritize IoT solutions based on potential value and ease of scalability; hold community session with Mayors and private sector leaders on global principles for IoT deployments at Annual Meeting of New Champions in Tianjin, China.
October 2018: Announced plans to develop first implementation model around smart water systems as part of Industrial IoT World Congress in Barcelona, Spain.
Spring-Winter 2019: Roll-out first set of implementation models and government pilots with independent monitoring of impact; scale model to include private sector procurement.
How to Engage
Project Community: Nominate experts, policy-makers or senior executives to help guide individual Centre projects by providing regular input as projects develop.
Fellow: Nominate an individual from your company to work full- or part-time at the Centre to play an integral role in shaping this initiative.
Global IoT Council: Nominate a global chief executive or c-suite leader to shape global governance of IoT and provide strategic guidance to the Centre’s work on IoT. One in-person meeting and one conference call per year.