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4 in 10 businesses to adopt IoT solutions this year
The number of companies adopting Internet of Things (IoT) technology is set to see significant growth in the coming years, which is likely to place additional pressure on businesses to develop solutions to make the best use of the data they gather.
IoT is a technology that often goes hand in hand with big data analytics, due to the large volume and variety of real-time information they are capable of collecting. And for a growing number of organisations, the tools are set to have a pivotal role in how they operate.
Research from Gartner revealed that less than a third of companies (29 per cent) are currently using IoT. However, it also found that an additional 14 per cent are planning to implement the technology within the next 12 months.
Overall, almost two-thirds of businesses (64 per cent) agreed that they will deploy IoT eventually, while just nine per cent of respondents stated the solutions will have no relevance to their sector.
However, adoption rates varied widely across sectors, with Gartner noting that heavy industries such as utilities, oil and gas, and manufacturing are leading the way. By contrast, more service-oriented businesses are still lagging.
Chet Geschickter, research director at Gartner, stated there are two key reasons why only a third of businesses have currently implemented IoT. He said: "The first set of hurdles are business-related. Many organisations have yet to establish a clear picture of what benefits the IoT can deliver, or have not yet invested the time to develop ideas for how to apply IoT to their business."
The second problem lies within organisations themselves, as many companies lack the skills and leadership needed to make their initiatives a success.
"2016 will be a very big year for IoT adoption. We are starting to see a wide range of IoT use cases across virtually all industries. But the big challenge now is demonstrating return on investment," Mr Geschickter said.
In many cases, turning details gathered from IoT devices into actionable results will demand a strong big data solution that is able to quickly and effectively process this information and translate it into a useable format.