Microsoft Corporation recently introduced its IoT Signals report. This is a new research report, which is designed to provide a global overview of the IoT landscape.
Microsoft (News - Alert) Corporation surveyed over 3,000 IoT decision-makers in enterprise organizations in order to give the industry a holistic, market-level view of the IoT ecosystem. This includes adoption rates, related technology trends, challenges and the benefits of IoT.
The report indicates that IoT adoption is growing rapidly. Respondents believe 30 percent of their company’s revenue two years from now will be due to IoT. However, the industry faces a significant IoT skills gap, as well as complexity and security challenges that may compromise business benefits to IoT if not addressed.
“IoT is transforming businesses in every industry and is powering breakthrough innovations,” said Sam George, head, Azure IoT. “Our research shows that unlocking IoT’s full potential requires the industry to address key challenges like the skills shortage, security concerns and solution complexity. Microsoft is leading the way on simplifying and securing IoT so that every business on the planet can benefit.”
85 percent of respondents are in IoT adoption. Three-fourths of the respondents have IoT projects in the works. Among IoT adopters, 88 percent believe IoT is critical to business success. IoT adopters believe they will see a 30 percent ROI, which will be inclusive of cost savings and efficiencies, two years from now. Nearly all IoT adopters, 97 percent, have security concerns when implementing IoT, but this isn’t hindering adoption. 38 percent of IoT adopters cite complexity and technical challenges to using IoT as a barrier in advancing their IoT adoption. Lack of talent and training present challenges for half of IoT adopters. 47 percent say there are not enough available skilled workers. Respondents of the report’s survey believe critical technology drivers for IoT success in the next two years are AI, edge computing and 5G. Nearly one-third or 30 percent of projects fail in the proof-of-concept stage. This is mostly because implementation is expensive or bottom-line benefits are unclear.
“According to IDC’s Worldwide Global DataSphere IoT Devices and Data Forecast, IDC (News - Alert) expects there to be 41.6 billion connected IoT devices by 2025 — growing at a rate of 8.9 percent over the forecast period,” said Carrie MacGillivray, Group VP, IoT, 5G and Mobility, IDC. “As the market continues to mature, IoT increasingly becomes the fabric enabling the exchange of information from ‘things’ to people and processes. Data becomes the common denominator — as it is captured, processed, and used from the nearest and farthest edges of the network to create value for industries, governments, and individuals’ lives.”