IT leaders and businesses may find the sheer number of new IT trends daunting at times, especially as they seem to show no sign of slowing development.

However, it's important to understand the value of implementing these new trends and that any careful introduction into a company is almost certainly going to find success.

These new trends, such as the Internet of Things (IoT), are the focal points of many IT strategies, and for good reason. In fact, the IoT is set to see significant growth over the next few years, and can benefit from the ITIL framework.

The need for the IoT

The IoT has likely been seen as more buzzword than something of value to businesses, but this isn't actually true. It is a trend that gives organisations access to a substantial amount of useful data that's relevant to the company.

It essentially involves linking a number of devices (things) to the internet, so they're able to communicate and relay data. An automobile manufacturer, for example, could embed sensors in equipment across a car production line. These sensors then feed data back to a central server on the operating status of machinery, the temperature of various components and the fluid levels in hydraulic equipment.

Staff can then access this data and see if any machinery requires attention. This in turn makes it easier to manage the equipment, as businesses constantly have access to up-to-date data.

IoT market to see significant growth

With such substantial benefits, it's easy to see why such strong growth is predicted in the near future. The IoT is poised for explosive growth, according to the International Data Corporation (IDC). There are a number of possibilities with such a versatile trend.

The worldwide IoT market is set to grow from US$1.3 trillion in 2013 to $3.04 trillion in 2020 – representing a compound annual growth rate of 13 per cent. What's more, the installed base of units is predicted to hit 30 billion in the same year.

"The opportunities presented by IoT are driving widespread attention among both traditional and non-traditional ICT vendors looking to take advantage of emerging revenue opportunities," explained Vernon Turner, a senior VP at IDC.

"We're still in the early stages of maturation and IoT represents unparalleled opportunity in government, consumer, and enterprise environments."

Obviously, with such significant growth, companies need to consider how the IoT can be applicable to operations.

One of the best approaches is considering where further data or analysis is needed, and how the particular area could effectively integrate with the internet. Businesses are certainly going to find variances in the suitability of different areas.

ITIL and the IoT

The IoT will continue to grow over the next few years, exponentially when considering the IDC predictions. Of course, businesses are certainly going to require effective management practices to implement the trend correctly.

ITIL is one of the best approaches, as it's a widely accepted method of service management used by organisations across the globe. This is a management framework driven by both technology and business requirements which means it is constantly evolving to meet changing demands.

This framework can serve as a guide when implementing an IoT strategy, ensuring the process does not deviate from a pre-determined course. In effect, companies aren't undertaking the endeavour blindly and have a capable structure to follow that can prove instrumental in project success.

As the IoT continues to gain momentum, it's going to become more important than ever before for organisations to consider how an effective adoption could benefit operations.

Speak to the experts at ALC Training today to find out more about getting started with ITIL training in Canberra and other cities across the globe.