Vodafone study reveals 76% of companies believe the IoT will be 'critical' to future success

(Image Credit: iStockPhoto/David Crespo Nieto)

Vodafone has released its fourth annual IoT Barometer Report which examines the sentiment which businesses have towards Internet of Things-related developments. In the latest study, Vodafone found 76 percent of companies believe the IoT to be 'critical' to future success. 

Few debate the importance of the IoT and its potential advantages, but it will be a surprise to some to hear it's become seen as critical to future success for over three quarters of companies. 

Vodafone Group IoT Director Erik Brenneis said: "Three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever, and almost half the companies surveyed across multiple countries and sectors told us they're already planning to bring connected network intelligence to millions of devices and processes over the next two years. 2016 is the year the Internet of Things entered the mainstream."  

In-line with the growing feeling of importance of the IoT, 89 percent of the surveyed companies report increasing their budgets over the last 12 months to accommodate it. A substantial 24 percent of the average IoT budget is now dedicated to IoT technologies – on par with cloud computing or data analytics. 

This significant level of investment is paying off for most companies. Of those who have adopted IoT technologies, 63 percent report "significant" returns – up from 59 percent in last year's IoT Barometer study. 

Other highlights from Vodafone's report include: 

  • 48% of companies interviewed are using IoT technologies to support large-scale business transformation, rising to 61% in the Asia-Pacific region;  

  • 52% of consumer electronics companies interviewed are using IoT technologies as the basis for a new generation of applications for connected homes; and  

  • 46% of all companies interviewed said they intend to develop new IoT-based products and services over the next two years.  

The survey was conducted by Circle Research in April and May 2016 and involved more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, The Netherlands, South Africa, South Korea, Spain, Turkey, the UAE, the UK and the USA.  

You can find a full version of the report here. 

Are you surprised at the findings of Vodafone's latest report? Share your thoughts in the comments. 

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