Vodafone is one of the world’s largest telecommunication companies, with a focus on mobile and cellular networks. Vodafone has networks in 26 countries and hundreds of millions of subscribers.
In September 2016 Vodafone published its annual IoT Barometer which has become an annual must-read for everyone in IoT, connected devices and communications.
To whet your appetite, here are 10 key facts that we took from the report:
- IoT integration is going to be a necessary step for corporations to take in the very near future. Vodafone determined that 28% of companies have already integrated with IoT, and 35% will integrate with IoT projects they are developing within a year.
- IoT is not only being used to improve operations, 48% of organizations have incorporated IoT into their initiatives to help transform their businesses.
- Companies that have already integrated IoT into their business projects have reported a 21% increase in new revenue stream generation.
- Businesses are investing more money and resources in IoT than ever. In fact, 89% of companies agree they have increased their IoT budget and projects in the past year.
- Connected devices and services are without a doubt the top area for business growth; 46% of organizations are aiming to develop new connected device solutions within two years.
- Ecosystem development is a popular growth area for electronics companies in particular. Vodafone reported 52% of organizations in the consumer electronics sector are working with businesses in other sectors to create effective ecosystems. Smart home is a great example, where electronics manufacturers have to integrate with each other and with cloud services to create ecosystems that consumers will sign up for.
- In the last year, 59% of corporations that integrated IoT into their initiatives confirmed an increase in return on investment. More specifically, 21% of companies experienced an increase of 10% or more.
- The automotive sector places high value on data usage; 94% of auto makers claim the real value of IoT lies in how effectively the data their vehicles generate is used.
- Seventy-six percent of businesses reported that IoT will be critical for the success of any organization in their sector.
- Companies stated that IoT is becoming a business initiative rather than a technology, which is good news because it tells us that IoT is becoming mainstream. Sixty-one percent of businesses said that IoT isn’t isolated; instead it is an integral part of fundamental business drivers.
Vodafone also stated that third-party suppliers that help manage devices, data analytics, security and many other aspects of an effective IoT deployment are highly sought after by organizations looking to gain traction via IoT-related business processes.
My conclusions are that the report is a very upbeat assessment of the health and importance of IoT, and if the companies Vodafone surveyed are to be believed, IoT is either transforming most businesses or is about to do so in 2017. Most companies have active IoT projects, but the most encouraging news is that IoT is no longer a science experiment being done in a silo; IoT is merely another tool towards business process re-engineering. Therefore, IoT will generate additional revenues for companies and reduce costs — both of those statements being confirmed in the report.
But don’t believe me, read the report for yourself and let me know what you think. Thanks to Vodafone for one of the best IoT reports I have read in a long time.
All IoT Agenda network contributors are responsible for the content and accuracy of their posts. Opinions are of the writers and do not necessarily convey the thoughts of IoT Agenda.