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Investment in IoT set to overtake cloud computing

(Image credit: Image source: Shutterstock/everything possible)

Investment in Internet of Things (IoT) is set to surpass spending on all other major technologies, a new report from communications company Inmarsat asserts.

Polling 450 respondents from various industries for the paper, Inmarsat found that businesses now plan to spend an average of $2.8 million on IoT between now and 2024. 

Between 2017 and 2020, IoT accounted for an average of seven percent of an organization’s budget, but this figure is set to rise to 10 percent going forward. At the same time, businesses are planning to allocate a maximum of nine percent to cloud, 7.5 percent to next-gen security, and 7.3 percent to big data analytics.

Knowing the effects IoT investments have had on the bottom line, it’s perhaps less surprising that organizations are keen to double down. IoT projects saved the average business approximately 9 percent of their annual costs, with the goal for the future being 30 percent (by 2026).

Not every industry is equally excited about IoT, however. While oil and gas firms seem to be at the forefront, agriculture organizations are less bullish.

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.