Study: Tangible benefits help rise acceptance of IoT

Study: Tangible benefits help rise acceptance of IoT

Business news |
By Christoph Hammerschmidt

The Vodafone study shows that the Internet of Things influences companies regardless of size and industry. Almost two thirds of companies that use the Internet of Things state that their business has changed or will change significantly in the next five years as a result of the networking of objects.

Perhaps the most important finding of the study is that the number of companies using the IoT in one form or another is growing steadily. Currently, 34% of companies use the IoT, 5 percentage points more than in the previous survey. Market observers attribute this to easier access to devices, software and total solutions that network business applications. Acceptance of IoT technologies is increasing across all industries, particularly in the transportation, manufacturing and financial services sectors.

The study surveyed organisations across many sectors and found IoT is having a profound impact across the board. For example, 86% of adopters in automotive are using or plan to use IoT to increase revenue and differentiate their products. And 84% of insurance adopters say their business strategy has changed as a result of IoT. Overall, 60% of opters say that IoT will have completely disrupted their industry in five years’ time.

95% of those who already adopted IoT said they are already seeing benefits; 79% said IoT is enabling positive outcomes that would be impossible without it. The benefits come in many forms, including reduced operating costs (53%), improved collection of data (48%) and increased revenues from existing streams (42%).

At present, the most commonly used connectivity option for IoT is cellular, followed by Wi-Fi (69%), fixed line (33%) and lowpower wide area network (LPWAN) (25%). But the most sophisticated organisations are using a belnd of three of these options — because they understand that different IoT projects can have different requirements. Looking to the future, over half (52%) of adopters are considering using 5G.

Related articles:

Mouser – Establishing a root of trust to secure the IoT

New easy-to-use platform created to accelerate the democratization of IoT development

Ten IoT trends shaping the business landscape

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