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Ensuring ROI 'biggest challenge' for the IoT in 2017

(Image credit: Image Credit: Jefferrb / Pixabay)

The biggest challenges companies have with implementing IoT technologies is not security but rather identifying ROI. 

This is according to a new report by Canonical, entitled ‘Defining IoT Business Models’, which polled 360 IoT professionals, including devs, vendors and enterprise users, more than half (53 per cent) say “quantifying ROI and providing a clear use case” is currently their biggest challenge.

So, it’s currently more important than the lack of available infrastructure (40 per cent), or the need for improved device security (45 per cent).

The report also states that a third (34 per cent) of IoT pros think “quantifying the business benefits” should be their top priority to encourage greater adoption of the Internet of Things. 

Here’s how the report’s list looks:

• Quantifying ROI – 53 per cent
• Device security and privacy - 45 per cent
• Lack of IoT infrastructure - 40 per cent
• Lack of budget/investment in IoT - 34 per cent
• Ensuring integration with the wider ecosystem - 29 per cent
• Device management / long-term support - 26 per cent
• Resistance from within the organisation - 25 per cent
• Ensuring regular updates are installed - 12 per cent

“The early internet of things was something of a gold rush, with vendors and developers jumping in to secure their share of an exciting and rapidly growing new market,” said Mike Bell, EVP of IoT and devices at Canonical. 

“Unfortunately, many of these businesses simply didn’t understand or evaluate how the IoT was going to deliver value – and apparently – the majority still don’t."

Image Credit: Jefferrb / Pixabay

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.