Research firm IDC forecasts that spending on IoT solutions will grow to about $773 billion this year, up 15 percent from last year, before IoT spending is expected to surge past $1 trillion in 2020. Solution providers are already seeing the benefits behind the technology. Just ask 10th Magnitude’s Jason Rook.
“The dirty little secret around our IoT business is that we now refer to it as our data and analytics business,” said Rook, 10th Magnitude’s vice president of market development.
Headquartered in Chicago, 10th Magnitude provides cloud managed services and information technology consulting to clients in the United States. The company has been working with Microsoft’s IoT suite since its inception. Rook says their cloud and IoT technologies enables them to help customers make faster and smarter decisions.
“One of our favorite IoT solutions is with a customer who had been using IoT for 20 years and never really had the ability to make the decisions because it was so costly to build out all of the infrastructure to maintain and massage and utilize that data,” said Rook. “So, by leveraging the cloud, we were able to dramatically reduce the cost to build their data warehouse. Once we were able to reduce the cost, we were able to collect all this data and continue to build upon that with new and richer IoT solutions that leverage new device technology and we are now able to allow that retailer to make real-time decisions on the retail floor.
In January, 10th Magnitude acquired Northwest Cadence, a consultancy providing industry leading DevOps, Analytics, and Artificial Intelligence services on the Microsoft cloud. Rook says the move helps 10th Magnitude further grow its IoT business.
For more of Rook’s interview, watch CRNtv’s video included in this article.