25% senior business leaders said that the use of IoT in their business is sparking a new wave of innovation due to the vast set of insightful data; 22% told that IoT is helping them unlock new revenue opportunities from current products and services.
This and more such findings were revealed in Internet of Things Business Index,2017 study by The Economist Intelligence Unit. The study mirrored the business plans of 825 senior business leaders. Amongst these, 412 were either from companies’ board or were C-level executives.
The study focused on evaluating the current and future applications of IoT by the global business community.
Amongst the business leaders interviewed, 55% think that IoT technologies will promote internal cost-savings and generate revenues externally in the next three years.
IT and technology industry were the leaders in IoT adoption with use cases increasing from 4.33 in 2013 to 6.04 in 2016. Financial Services’ IoT adoption also jumped from 3.46 to 5.44, while consumer goods and industry rose to 5.02 from 3.68. See the following graphic to understand the IoT business index value by industry and region.
21% of the business leaders believed that IoT already had a major impact on businesses while 32% believed that the impact is yet to be fully realized. The major obstacles identified were related to understanding, perception and high cost of IoT infrastructure.
The research was co-sponsored by ARM and IBM. The latter recently opened new datacenters to enable futuristic application development built on IoT and AI (Artificial Intelligence).
The increased IoT opportunity is also a golden opportunity for the service providers.