76 percent of companies believe the IoT to be “critical” to future success, according to Vodafone’s fourth annual IoT Barometer Report which examines how organizations are really using IoT today.
IoT has gone beyond being the latest buzz word in the IT space to a major force to reckon with. At this point, few people can question the importance of IoT to future technology – especially autonomous vehicles—another hot area.
Reflecting this importance, 89 percent of the surveyed companies report increasing their budgets over the last 12 months to accommodate IoT. A substantial 24 percent of the average IoT budget is now dedicated to IoT technologies.
Among early adopters, 63 percent report seeing “significant” returns on investment, up from 59 percent in last year’s report put out by Vodafone. Close to half (46 percent) of all companies interviewed said they intend to develop new IoT-based products and services over the next two years.
The report also found that:
- 76 percent of all companies interviewed believe that taking advantage of IoT technologies will be critical for the future success of any organization.
- IoT investment now accounts for 24 percent of the average IT budget, on a par with cloud computing or data analytics.
- 52 percent of consumer electronics companies interviewed are using IoT technologies as the basis for a new generation of applications for connected homes.
- 46 percent of all companies interviewed said they intend to develop new IoT-based products and services over the next two years.
48 percent of companies interviewed said they are using IoT technologies to support large-scale business transformation, rising to 61 percent in the Asia-Pacific region.
“Three-quarters of the companies we interviewed now recognize that the Internet of Things is a new industrial revolution that will change how people work and live forever, and almost half the companies surveyed across multiple countries and sectors told us they’re already planning to bring connected network intelligence to millions of devices and processes over the next two years. 2016 is the year the Internet of Things entered the mainstream,” said Vodafone Group IoT Director, Erik Brenneis.