The Internet of Things will be the defining technology trend of the next decade and will impact virtually every vertical industry and permeate the vast majority of business processes. IoT is an integral component of a broader digital transformation. The primary objectives of IoT are: to strengthen customer engagements, in order to increase customer loyalty and accelerate market penetration, and to streamline operational efficiency to improve organizational effectiveness and profitability. The growth in IoT platforms (PaaS), coupled with the declining costs of connectivity and hardware has fostered an environment where numerous sectors can now connect their assets to realize the benefits of IoT. As Strategy Analytics’ primary research shows (Figure 1), drivers are primarily focused on those transformative digital elements such as driving new value-added services, becoming more customer-centric, offering competitive differentiation and better understanding their own environments and processes through Analytics.