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Businesses are unprepared for IoT, says Gartner

Even though most IT and business leaders are certain that their business will benefit from smart devices in the next three to five years, very few organisations actually have a clear strategy on how to take advantage of the new market.

That's the result of a survey conducted by Gartner. The company surveyed almost 500 IT and business leaders and found that 40 per cent believe the Internet of Things will benefit their business in the next three years, while the other 60 believe it will happen in the next five years.

However, basically nobody has thought of a clear and concise strategy on how to take advantage of the emerging market.

"The survey confirmed that the IoT is very immature, and many organisations have only just started experimenting with it," said Nick Jones, vice president at Gartner.

"Only a small minority have deployed solutions in a production environment. However, the falling costs of networking and processing mean that there are few economic inhibitors to adding sensing and communications to products costing as little as a few tens of dollars," Computing quotes Jones.

"The real challenge of the IoT is less in making products 'smart' and more in understanding the business opportunities enabled by smart products and new ecosystems."

Gartner said that senior leaders still don't have a full understanding of the IoT's potential, and has singled out banking, education and insurance as areas where even the highest executives know next to nothing about the meaning of IoT for their business.