Vodafone: 4 IoT growth accelerating insights
In 2013 Vodafone started publishing its Internet of Things (IoT) Barometer. Global adoption of IoT has more than doubled since then — from 12% in 2013 to 29% in 2017. The future of all things IoT is found to be bright, particularly in the Asia-Pacific (APAC) region.
Zooming in on this region (excluding Japan), IDC’s market analysts predict the IoT market will grow from $335.6 billion in 2016 to $565.5 billion by 2020. This makes the APAC region particularly exciting when it comes to IoT trends. Here are 4 key IoT growth accelerating insights as found by Vodafone:
1. Mission critical as core business
Many organizations are adopting IoT as core to their business model, as was previously explained by WEM CEO Rob Schilperoort. The digital transformation is impossible without IoT – is what 75% of APAC research participants agree with, compared to 66% globally. More specifically, many adopters indicate IoT projects to be mission-critical to their business in this day and age. In addition, they highlight it’s key to integrate IoT with other digital initiatives like analytics and AI, instead of approaching IoT as a standalone technology.
2. Efficiency leads to growth
Organizations all over the world are found to experience significant (efficiency) benefits from IoT adoption. From tangible returns on investment – confirmed by 96% of APAC participants – to collecting more accurate data and business insights, and improved employee productivity. In addition, IoT is found to generate more revenue.
3. Prioritizing security
Security remains a number one priority for organizations around the world. A vast majority of organizations in the APAC region (83%) are confident they have adequate skills to manage IoT security. In addition, these respondents highlight the importance to maintain a focus on security throughout the lifecycle of IoT projects. In comparison with 39% in the Americas and 34% in Europe, 48% of adopters in APAC scan for vulnerabilities after launching an IoT project.
4. Business operations
Many agree that IoT will shape the future of businesses and transform economies globally. 91% of APAC organizations (versus 79% globally) indicate over 50% of business processes will include IoT sensing/control systems by 2022. Vodafone indicates the IoT adoption will flourish even more due to new networking technologies like 5G and Low Power Wide Area Network (LPWAN).
Hence, the adoption of IoT will fundamentally impact daily business operations.
Vodafone claims: “The future is exciting” and we can’t agree more!
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Read our previous blogs:
How to innovate your business model with IoT
3 important GDPR articles for WEM
4 WEM features to simply model complex applications
Source: Vodafone IoT Barometer 2017