Vodafone report sees increase in IoT investment
July 21, 2016
Nearly nine out of ten companies investing in the IoT have increased their budgets over the past year, according to Vodafone’s fourth annual IoT Barometer Report.
The report also found that 76 per cent of all companies interviewed believed that taking advantage of IoT technologies would be critical for the future success of any organisation. And 63 per cent of IoT adopters are seeing significant returns on investment, up from 59 per cent in last year's report.
Vodafone says its annual IoT Barometer Report is the leading global survey of business sentiment regarding innovation and investment in the IoT. Examples of IoT applications include driverless cars, smart metering for gas and power, and remote monitoring for homes and industry.
It found that IoT investment now accounts for 24 per cent of the average IT budget, on a par with cloud computing or data analytics.
"Three-quarters of the companies we interviewed now recognise that the internet of things is a new industrial revolution that will change how people work and live forever,” said Vodafone Group IoT director Erik Brenneis. “And almost half the companies surveyed across multiple countries and sectors told us they're already planning to bring connected network intelligence to millions of devices and processes over the next two years.”
He said 2016 was the year the internet of things entered the mainstream.
The report also found that IoT technologies played a key role in mainstream business activities in an increasing number of companies. Nearly half (48 per cent) of companies interviewed are using IoT technologies to support large-scale business transformation, rising to 61 per cent in the Asia-Pacific region.
Just over half (52 per cent) of consumer electronics companies interviewed are using IoT technologies as the basis for a new generation of applications for connected homes. And 46 per cent of all companies interviewed said they intended to develop new IoT-based products and services over the next two years.
The survey was conducted by Circle Research in April and May 2016 and involved 1096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, Netherlands, South Africa, South Korea, Spain, Turkey, UAE, UK and USA.