Internet of Things (IoT) technology is now moving into the mainstream, according to a new study which shows that nearly nine out of ten (87%) of business leaders now expect tangible results from their projects within three years.
Of those surveyed, almost three quarters (73%) confirmed that IoT deployments have advanced past the testing and market education stages, with almost half of these delivering results.
The study, carried out by Fujitsu, also found that 31% of businesses expect a return from investment in IoT projects within one to two years and 56% expect profitability within three years.
The complex nature of IoT is also leading businesses to turn to services and equipment providers to assist with deployments, although this has triggered a number of issues, including calls for better support (24%), closer collaboration (23%) and demands for lower pricing (20%).
Fujitsu also found that businesses are using IoT for a wide range of purposes beyond the delivery of process efficiencies, with using new data to create smarter strategies (47%), enhancing security (47%), and improving maintenance (46%) as some of the other reasons for deploying IoT projects; 45% of businesses are already using IoT to generate new revenue-making opportunities.
“IoT technologies are entering the early mainstream across a wide range of vertical industries,” said Yves de Beauregard, head of digital business solutions at Fujitsu in EMEIA. “Businesses are already enjoying solid return on investment from IoT projects. This should be a compelling incentive to dip a toe in the water for any organisation that’s still skeptical about getting any business value from the IoT.”
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