While a minority of businesses either reduced or postponed Internet of Things (IoT) investments in a bid to conserve money during the pandemic, the majority are actually increasing their investments in the up-and-coming technology.
This is according to a new report from Gartner, which states that IoT projects have a clear return on investment (ROI) and, as such, are simple to justify to upper management and the board.
Surveying 402 businesses in the UK, US, Germany, Australia, Singapore and India, Gartner uncovered that almost half (47 percent) are planning extra investments in IoT.
“They use key performance indicators (KPIs) to track their business outcomes and for most of them they also specify a time frame for financial payback of their IoT investments, which is on the average three years,” said Benoit Lheureux, Research Vice President at Gartner.
The report also claims that businesses are increasingly turning towards IoT because it allows them to pick “low hanging fruit” in terms of savings and increased earnings.
Predictive maintenance on commercial and industrial assets like elevators or turbines, as well as optimization of processes such as manufacturing are two examples.
Almost a third of respondents (31 percent) said they use digital twins to improve employee and customer safety.
Gartner expects a third of mid and large-size companies with IoT strategies to have at least one digital twin associated with a Covid-19-motivated use case within two years.