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March. 14, 2016 - Global Banking and Finance Review
Internet of Things is one of the hottest trends in tech right now. Morgan Stanley projects that within five years, 75 billion smart devices may be communicating with each other, and Gartner predicts that IoT will generate nearly $2 trillion in global economic value by 2020.
However, many companies are held back by aging systems that no longer suit the needs of modern consumers. According to Nitin Rakesh, CEO and President of Syntel, IoT is putting unprecedented pressure on companies to modernise and migrate their legacy systems in order to cope with growing consumer demand.