New Omdia research finds enterprises' confidence in IoT is soaring

News provided by

Sep 24, 2024, 09:30 ET

LONDON, Sept. 24, 2024 /PRNewswire/ -- The latest findings from Omdia's Internet of Things (IoT) Enterprise Survey reveal an astonishing surge in confidence among enterprises leveraging IoT solutions. Enterprises continue to integrate IoT into their workflows while reaping benefits from productivity gains, cost savings, to improved worker safety.

The sixth annual survey which included nearly 600 enterprises across ten countries and eight different verticals discovered that 95% of respondents expect to see measurable benefits from IoT within two years of deployment. As enterprises continue to increase their investment in IoT solutions and expand their devices, IoT is becoming a cornerstone of their digital transformation strategies.

"As attention continues to shift to artificial intelligence (AI) as a step change for business intelligence, we are witnessing many enterprises making meaningful changes through IoT deployments," said John Canali, IoT Principal Analyst, Omdia. "Business of all sizes can leverage IoT deployments to make data driven decisions that significantly improve their business outcomes".

The survey results demonstrate the growing opportunities for IoT vendors across the value chain. However, Omdia cautions both vendors and enterprises against adding unnecessary complexity in their IoT strategies. With the rapid expansion of IoT technologies, communications service providers (CSPs) are urged to enhance their educational efforts to help enterprises navigate these technologies.

"56% of companies are now investing over $1 million on IoT in 2024, a significant increase from 36% in 2023. IoT has now reached maturity, fueled by cloud computing and hyperscale connectivity, delivering tangible benefits in shorter timeframes," commented Andrew Brown, IoT Practice Lead at Omdia.

ABOUT OMDIA

Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Fasiha Khan [email protected]

SOURCE Omdia