Study: IoT is growing, but hurdles remain
Complexity and security are among the challenges facing generally optimistic Internet of Things (IoT) adopters.
According to “IoT Signals,” a survey of more than 3,000 enterprise IoT decision-makers from Microsoft Corp., 85% of respondents are in IoT adoption, and three-fourths of these have IoT projects in planning. Among IoT adopters, 88% believe IoT is critical to business success. Overall, IoT adopters believe they will see a 30% ROI, inclusive of cost savings and efficiencies, two years from now.
However, nearly all IoT adopters (97%) have security concerns when implementing IoT. Close to four in 10 (38%) IoT adopters cite complexity and technical challenges to using IoT as a barrier to furthering their adoption of the technology. Nearly one-third of projects (30%) fail in the proof-of-concept stage, often because implementation is expensive or bottom-line benefits are unclear.
In addition, lack of talent and training present challenges for half of IoT adopters, and 47% say there are not enough available skilled workers. Respondents believe critical technology drivers for IoT success in the next two years are AI, edge computing, and 5G.
In partnership with BCG Group, Microsoft identified seven key ingredients for success in IoT: business strategy, leadership and organization, a technology roadmap, talent, operations and core business processes, partnerships, and security.
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