Why Expectations Are High for the IoT

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Why Expectations Are High for the IoT
Anticipating the boom in demand for the internet of things, many companies are creating new budget allocations for IoT projects to enhance organizational goals. -
Getting Started
27% of the business and IT executives surveyed said their organization has a formal internet of things (IoT) initiative under way, and 33% said they are piloting or experimenting with an IoT project. -
Funding Concerns
Of those with IoT efforts under way, 45% said their company is creating new budget allocations for IoT, while 36% are using existing IT budget funding. -
Well-Aligned
61% said their IoT efforts are mostly about enabling and extending technology for broader organizational objectives, rather than being "separate and distinct" from these objectives. -
ROI Expectations
64% of the executives surveyed said IoT projects will definitely provide business value, but 5% said they will likely distract value from core business pursuits. -
Benefits Summary, Part I
48% believe IoT efforts will provide cost savings from operational efficiencies, and 45% said they will bring new and better streams of data to improve decision making. -
Benefits Summary, Part II
39% of the respondents said IoT investments will boost staff productivity, and 37% said it will establish better visibility and monitoring of assets organizationwide. -
Protection Plan
57% believe their company is well-equipped to manage the security elements of the internet of things. -
Top IoT Concerns
Cost of compliance: 51%
Potential for "questionable" new regulations: 42%
Liability uncertainties: 41%
A majority of organizations have either launched a formal internet of things (IoT) initiative or are piloting or experimenting with such an effort, according to a recent survey from CompTIA. The resulting "Internet of Things Trends and Opportunities" report indicates that by 2020, more than 50 billion "things" will be connected and/or have some level of intelligence. Anticipating the boom in demand, a significant share of companies are creating new budget allocations for IoT projects to enhance broad organizational objectives. The expected outcomes include cost savings from increased operational efficiency, better decision making through improved data usage and a boost in staff productivity. "There is a steady march to enhance the utility of devices, objects, structures and even people through connectivity, network effects and intelligent functionality," according to the report. "Over the past two years, this concept has evolved from a technologist's curiosity into a full-fledged business opportunity. While there have always been 'things' connected to the Internet—think computing devices, as well as things connected to other things, such as ATMs, RFID tags or E-ZPass—something has clearly changed. Advancements in a number of areas over the past decade have laid the groundwork for the steepening IoT growth curve." More than 510 business and IT executives took part in the research.