Businesses that have just recently entered the world of internet of things (IoT) are now realising the huge potential the new industry has, and have started increasing their budgets, supporting transformation on a large scale, and consider IoT a 'critical' technology for future growth.
Those are the highlights of the latest Vodafone 2016 IoT Barometer Report. The company says IoT has finally gone mainstream. More than 1,000 companies all over the world, from the US to Australia, participated in the report.
Of those investing in IoT, 89 per cent said they have increased their budgets in the last year. More than three quarters (76 per cent) believe IoT will be crucial for future success, and 63 per cent are seeing ‘significant’ ROI.
Proving IoT has gone mainstream, it says that approximately 24 per cent of the investment budgets go into this new technology, on par with cloud computing and data analytics.
"Three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever, and almost half the companies surveyed across multiple countries and sectors told us they're already planning to bring connected network intelligence to millions of devices and processes over the next two years,” said Vodafone Group IoT Director Erik Brenneis.
“2016 is the year the Internet of Things entered the mainstream."
The full report, The 2016 Vofafone IoT Barometer Report, can be found on this link.