76% of Businesses Say IoT Is a Major Success Factor

Due to its growing popularity and strategic role in business, the Internet of Things has been declared a top success factor for some 76% of companies surveyed by Vodafone, the IoT Barometer Report found.

Because they believe in the opportunities offered by IoT, as many as 89% of companies have increased their IoT budget in the last year, while 63% have seen their efforts rewarded. For now, spending allocated for IoT investment accounts for over 24% of the IT budget, giving it the same level of importance as cloud computing and data analytics.

According to the report, 48% of the interviewed companies were already using IoT technology to add value to their business, while 52% of companies focused on consumer electronics are already implementing IoT in their product range to improve the connected home.

“Three-quarters of the companies we interviewed now recognize that the Internet of Things is a new industrial revolution that will change how people work and live forever, 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. 2016 is the year the Internet of Things entered the mainstream,” said Vodafone Group IoT Director Erik Brenneis.

The survey was conducted in April and May 2016 and interviewed over 1,096 companies in Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, the Netherlands, South Africa, South Korea, Spain, Turkey, the UAE, the UK and the USA. The 2016 Vodafone IoT Barometer Report is available here.