The Economist Intelligence Unit has issued its latest report: "The IoT Business Index 2020: A Step Change in Adoption". Sponsored by Arm, this is one of the longest-running business studies into IoT, offering a rare global measure of IoT implementation.
New Economist Intelligence Unit report on global IoT market
- Since 2017, IoT adoption has advanced substantially; the average company is now on the cusp of early implementation of IoT-powered products and services.
- Progress reflects increased investment: 82% of execs surveyed say their organizations grew their IoT investment in the past three years, up from 62% who said the same in 2017. This investment is delivering returns, respondents say: most agree either “somewhat” (38%) or “strongly” (19%) that their use of IoT has delivered “more than its expected return on investment”.
- Artificial intelligence (AI) is viewed as vital to realizing the value of IoT data. Just over a quarter of survey respondents (26%) say that IoT data are pivotal to their current or planned use of AI, with 56% identifying IoT as “one of many important sources” for AI initiatives.
- Security concerns still hamper IoT adoption – 45% of respondents believe that security concerns have held back consumer adoption, and over a third (37%) say these concerns have discouraged their companies from pursuing an IoT strategy.
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