International Data Corporation (IDC) has completed its seventh annual survey examining the latest investment trends in the Internet of Things (IoT) as well as the opportunities and challenges facing IoT buyers worldwide.
The company found the majority of organisations that have deployed IoT projects have determined the KPIs to measure success – however, the specific KPIs differ significantly by industry.
Respondents of IDC’s Global IoT Decision Maker Survey include 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 include:
• 85% of survey respondents have a budget allocated towards IoT projects. Despite the belief that business decision-makers hold the majority of budget, IT continues 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 became 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 are 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 organisations to fail fast and move on, or revisit original project goals.
“IDC has been at the forefront of research on the development of the IoT market for several years now. Our annual Global IoT Decision Maker Survey is a cornerstone research study guiding our market insights,” says Carrie MacGillivray, group vice-president and Global IoT Lead at IDC. “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 organisation.”