This post was co-authored by Peter Cooper, Senior Product Marketing Manager, Azure IoT and Mark Pendergrast, Director of Product Marketing, Azure.

The Internet of Things (IoT) market is red hot. Industrial spending will surge to $123 billion in 2021, with the manufacturing, transportation, and logistics, and utility sectors each expected to spend $40 billion on the technology within the next three years.

Nobody wants to be left behind. In the following video, you’ll hear from industry leaders Henrik Fløe of Grundfos, Doug Weber from Rockwell Automation, Michael MacKenzie from Schneider Electric, and Alasdair Monk of The Weir Group on why they’re bullish on all things IoT, and how they’re leveraging it to innovate and grow.

Here’s a sampling of their insights:

IoT “is a huge disruptor to our industry, to be able to connect more directly with our end-user customers, to be able to track our devices, to be able to track how the devices and the gear is performing, but then also to derive new business models, new value streams that help our customers do more with what they have.”

“It’s really important I think that we build our capabilities in a way that makes it flexible, and so that we can swap things out as new technology becomes available.”

“The ability to do things like subscriptions, the ability to take on more of the management of the kind of IT systems that are in the OT environment. Those are the things that are changing our company.”

Watch the video to get insights from a pump manufacturer, two automation solutions firms, and an engineering firm on key questions of the day, such as:

• What specific capabilities and business advantages are they realizing through IoT?
• How have their organizations had to change to enable success in IoT?
• What have they learned during their IoT journey that they wish they knew at the beginning?
• What advice would they give to a company before they start their IoT journey?

Then imagine the possibilities of IoT for your company.