Framingham, Mass., Aug. 13, 2019: A new survey by well-known market intelligence firm International Data Corporation (IDC) on the investment trends in the Internet of Things (IoT) sector revealed that about 85 percent of those surveyed had a budget allocated to IoT.
But, although most had the KPIs to measure success in place, the specific KPIs differed significantly by industry.
Revealing the findings of its 7th annual survey in a press release, IDC said the respondents of IDC’s Global IoT Decision Maker Survey included IT and line of business decision makers (director and above) from 29 countries across six industries that have invested or plan to invest in IoT projects.
Some key findings included:
- 85% of survey respondents had a budget allocated towards IoT projects. Despite the belief that business decision makers held the majority of budget, IT continued to control a lot of budget, especially since the ongoing costs to support IoT projects is not inconsequential.
- Improved productivity, reduced costs, and achieving better product quality were the focus for investment in 2019 marking a notable shift from improving security being the key driver in previous editions of the study.
- Dealing with the skills gap saw a big shift this year to third biggest challenge behind overall cost of project and security concerns.
- Increasingly, safety improvements were becoming a key metric to measure the success of IoT projects, especially in healthcare, manufacturing, and public sector industries.
- 56% of unsuccessful IoT projects were determined within months, allowing organizations to fail fast and move on or revisit original project goals.
“The Survey is a cornerstone research study guiding our market insights,” said Carrie MacGillivray, group Vice President and Global IoT Lead at IDC, in a written statement. “With this ongoing demand side insight, we can determine trends of adoption, drivers, and key pain points for end users as they make IoT investment decisions for their organization.”
IDC’s Global IoT Decision-Maker Survey, 2019: First Look (IDC #US45407319) identifies the latest investment trends within IoT initiatives as well as the current expectations and concerns of IoT buyers worldwide.
Image Credit: IDC