Spending on Large-Scale IoT Deployments Tripled Over the Past Year

The potential of the Internet of Things (IoT) and edge computing may have already crested the top of the hype cycle, but apparently have skipped over Gartner’s so-called “trough of disillusionment.” These technologies are on a steady growth path on the “plateau of productivity,” delivering results without the glaring hype of the industry spotlight.

IoT adoption surged in the past year, a recent survey of 1,037 managers and professionals across the globe, published by The Eclipse Foundation finds. Close to two-thirds of respondents. 64%, report they are now deploying IoT solutions, up from 53% in the previous year. An additional 23% are planning to deploy within the next 12 to 24 months. Less than five percent have no IoT deployment plans at all.

However, there is less adoption of its sibling, edge computing, which remains at 33% — unchanged from the previous year. An additional 30% indicating plans to deploy edge solutions within the next 24 months. Another 27% are still evaluating the use of edge computing platforms.

There is an impressive amount of investments in both IoT and edge. A total of 23% of companies surveyed spent more than $1 million on IoT and edge initiatives in the past year — almost triple the percentage (eight percent) spending those amount in 2022. Even more growth is projected for the year ahead, with 28% planning to spend more than $1 million.

The number of assets tied to edge and IoT is expanding as well. A total of 29% of deployments over the past year managed more than 1,000 assets. This is expected to grow to 42% this year.

See also: Unleashing the Potential of Enterprise IoT

From IoT to Edge Computing

Edge computing is a natural extension of the hybrid cloud and facilitates machine learning, the study’s authors point out. To support this, 39% are concentrating on enabling data exchange between multiple nodes, while 27% are supporting data exchange between multiple nodes on multiple sites. Another 24% support sensor fusion based on data aggregation and filtering.

Respondents anticipate broad organizational impacts from their IoT and edge technology initiatives. Product and service development ranks highest at 19%, followed by logistics and supply chain management at 17%, and operations at 16%.