Report: IoT set to move into mainstream of business processes

Report: IoT set to move into mainstream of business processes

According to mobile operator Vodafone’s annual IoT Barometer Report released on July 14, 2016, the use of Internet of Things (IoT) is likely set to increase in everyday business; with nearly 76 percent of businesses projecting that future success will be largely driven by IoT.

The report – which indicates that IoT is apparently set to move into the mainstream of business processes – is based on the findings of a new global study carried out by Vodafone. For the study, the company conducted 1,096 global interviews with business decision-makers.

Going by the statistics shared in the new report, IoT is already being used by nearly 28 percent of organizations; with almost 89 percent of them having ramped up their IoT use in the last one year. The increase in IoT use by organizations is apparently rooted in the fact that the organizations are predicting future success of the technology as well as "significant" return on their IoT investment.

In addition, the report has also revealed that 63 percent of businesses have plans underway to roll out IoT technologies in the next one year.

Moreover, as per the report, businesses are now allocating a greater portion of their spending to IoT. In fact, the allocation of spending to IoT has now exceeded the allocation to mobile; with IoT spending accounting for approximately 24 percent of IT budgets.