7 recent facts

about the Internet of Things

The Internet of Things connects objects such as cars, buildings and machines, turning them into smart assets that can collect and share data with people, applications, and each other. This data can uncover insights that were out of reach in the past.

 

Discover seven facts you should know about how the Internet of Things is transforming mainstream business activities in an increasing number of companies. These facts are from the Vodafone IoT Barometer 2016 report, an annual study of how the IoT is changing the way we do business.

Increased budgets

89% of companies investing in IoT have increased their budgets over the last 12 months

In fact, many companies have more opportunities to use IoT than they can possibly work on. OneGermany-based premium car manufacturer, for example, said that they have enough IoT-related ideas toimplement for the next 5 to 10 years.

IoT success factor

76% of companies believe that taking advantage of IoT technologies will be critical for the future success of any organization

What matters now is not whether a business should adopt IoT, but how. Organizations planning and implementing their own initiatives need benchmarks and best practices that can help them maximize their returns.

Return on investment

63% of IoT adopters are seeing "significant" returns on investment, up from 59% in 2015

There is a strong link between the ROI that businesses see from their IoT initiatives and two key factors: the number of projects they have underway, and the share of the overall IT budget they allocate to IoT.

IT budget

IoT investment now accounts for 24% of the average IT budget, on a par with cloud computing or data analytics.

In fact, many businesses now assign as much budget to IoT as they do to other high profile technologies, such as mobile (23%), cloud and hosting (23%), and analytics (22%).

Iot for business transformation

48% of companies are using IoT technologies to support large-scale business transformation, rising to 61% in the Asia-Pacific region

Transformational IoT schemes require more coordinated effort, with buy-in from various business units, and determination on the part of senior management to push through these initiatives.

Measurable results

IoT produces measurable results

Adopters measure on average a 20% improvement in key business indicators such as revenue, system uptime, cost, and asset utilization as a result of using IoT.

Intended development

46% of companies said they intend to develop new connected and services and solutions over the next two years

Public sector and energy and utilities organizations are most likely to have such initiatives in the pipeline -more than 50% say they plan to launch within two years.

For more insight into these findings, read the complete Vodafone IoT Barometer 2016 report.
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