Recent report from Microsoft indicates that Business decision makers, IT decision makers, and developers at enterprise-size commercial organizations are incorporating Internet of Things (IoT) into their businesses at high rates.
The survey was conducted with 3,233 IoT decision makers in six (6) markets – US, UK, Germany, France, China, and Japan from March 8-April 15, 2019. Respondents came from a wide range of industries, including manufacturing, retail/wholesale, government, transportation, healthcare, and others.
85% of IoT decision makers say they are currently in IoT adoption. Though adoption takes time, many companies have been able to successfully move to stage where organizations are beginning to incorporate IoT into its processes.
The research highlights that decision makers are expected to adopt IoT and find new ways to use the technology. 94% of business will use IOT in two years from now as they believe they will see a 30% ROI, inclusive of cost savings and efficiencies. The continued success of IoT will also rely on other innovations AI, edge computing, and 5G will be critical technological drivers for IoT success.
Reasons For IoT Adoption :
While IoT has beneficial applications across industries, each industry prioritizes different use cases, according to its specific needs. In manufacturing, the top use cases for IoT are: automation (48%), quality and compliance (45%), production planning (43%), supply chain logistics (43%), and plant safety and security (33%).
Benefits to IoT adoption
Organizations are aligning with the reasons why they adopted IoT as they realize benefits in regards to increased efficiency, yield, and quality. Organizations are quickly starting to see how IoT can deliver a return on investment (ROI) by increasing productivity and production capacity. This is done by reducing business expenses, and lowering the chances of human error. IoT can also improve customer satisfaction and increase opportunities for companies to make better and more informed decisions.
Top reasons that organizations adopt IoT include streamlining processes, increasing employee, productivity, and protecting information. IoT growth can be stunted by complexity and technical challenges, as well as lack of resources and inadequate knowledge.
The research finds out that even adopters with lower success rates see IoT as critical to their business’ success. Over 8 in 10 say IoT is critical to their business and 78% plan to use IoT more in the next two years.
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