Rates higher in transportation, manufacturing and financial services
IoT adoption has risen from 29% to 34% of businesses polled, Vodafone’s latest IoT Barometer shows. The study says the increase stems from the ease of adapting IoT, as more companies buy solutions instead of creating their own. Fear may also be driving the growth, as 74% of adopters believe companies that resist IoT adoption will lag far behind their competitors.
The IoT has made waves in a variety of industries.
- 86% of automotive adopters are using/ plan to use IoT to increase their revenue
- 84% of insurance adopters say the IoT has changed their business strategy
- 60% of total respondents believe IoT will completely disrupt their industries by 2023
- 76% identified mission critical IoT projects; one in 12 said their entire business relies on IoT
Of those who have adopted IoT, 95% said they are already seeing benefits. Fifty-two percent indicated a significant ROI; 79% have seen outcomes not achievable without IoT. Respondents credited IoT adoption with an 18% cost reduction and 19% increase in revenue. The benefits most cited by respondents include:
- Reduced operating costs (53%)
- Improved data collection (48%)
- Increased revenue from existing streams (42%)
Connectivity & Security
Most respondents ranked cellular first, followed by WiFi, fixed-line and LPWAN. Organizations with the most sophisticated deployments use a combination of these methods. More than half (52%) will consider using 5G when it becomes available. Respondents also take security seriously.
- 85% address issues immediately
- 40% run tests during development
- 39% actively recruit security specialists
- 37% have certified their devices