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IoT is 'vital' for many businesses

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

The majority of businesses that adopted Internet of Things (IoT) solutions have increased the pace of their projects during the Covid-19 pandemic, a new report from Vodafone Business claims.

The 2020 IoT Spotlight report, based on a poll of 1,639 businesses worldwide, states that IoT is deemed “vital” to maintaining business continuity by almost four in five companies.

Integrating IoT devices has become one of the top priorities for many businesses, the report further states. Among those in the early stages of adoption, most decided to speed up the process because of the pandemic.

One of the main reasons for the increasing adoption of IoT solutions is simple – it offers a solid return on investment.  Almost all businesses said they have achieved a return on investment and operating costs decreased by an average of 19 percent. 

There are many benefits to implementing IoT solutions, the report’s respondents said, with improving operational efficiency, creating new connected products and services and elevating customer experience cited most frequently.

As a result, almost two thirds said that businesses that fail to embrace IoT within half a decade risk falling significantly behind the competition.