Businesses are embracing the Internet of Things (IoT) faster than ever before, with 2017 marking a landmark year in terms of adoption, according to new research.
That’s according to the 5th annual Vodafone IoT Barometer Report, which has uncovered a huge uptake in terms of IoT projects being undertaken across the world.
The report found that 2017 has seen a doubling of IoT projects compared to the last year, with the percentage of companies with more than 50,000 active connected IoT devices has doubled in the last 12 months
Overall, 84 per cent of companies that already used IoT say that their usage have grown over the last 12 months, with two thirds (66 per cent) saying that digital transformation would be impossible without utilising IoT.
Embracing the IoT has helped provide a variety of benefits for companies, with half (51 per cent) saying that the technology is increasing revenues or opening up new revenue streams, as well as helping improve brand differentiation and market competitiveness.
“Over the five years of this report we have seen the number of companies that have adopted IoT double, and projects have grown from small pilots to global rollouts of tens of thousands of connected devices,” said Vodafone director of IoT Erik Brenneis.
“IoT is clearly here to stay and the future looks exciting as 79 per cent of adopters are saying that IoT will have an enormous impact on the whole economy in the next five years. I believe we can now say that IoT has come of age and is proving itself across all industries and geographies.”