Omdia's 2024 IoT Enterprise Survey reveals a significant growth in confidence among businesses adopting IoT solutions. With 95% expecting measurable benefits, enterprises are increasingly investing over $1 million in IoT, marking a pivotal shift in their digital transformation strategies.
The sixth annual Internet of Things (IoT) Enterprise Survey conducted by Omdia reveals a remarkable growth in confidence among companies using IoT solutions. Nearly 600 enterprises across ten countries and eight verticals participated in the survey, finding that 95% of respondents anticipate measurable benefits from IoT within two years of deployment. This growing optimism highlights the role of IoT as a critical element in the digital transformation strategies of enterprises, enabling them to enhance productivity, reduce costs and improve employee safety.
As more companies integrate IoT into their operations, they are not only gaining the benefits but also committing significant resources to these technologies. The survey revealed that 56% of companies plan to invest over $1 million in IoT in 2024, a notable increase from 36% in 2023. Industry experts believe that the maturity of IoT, driven by advancements in cloud computing and hyperscale connectivity, is enabling businesses to achieve strong results in shorter timeframes. According to John Canali, Omdia's IoT Principal Analyst, this trend signifies a shift towards data-driven decision-making that can dramatically improve business outcomes.
While the opportunities for IoT vendors are expanding, Omdia cares against adding unnecessary complexity to IoT strategies. As IoT technologies rapidly evolve, communication service providers (CSPs) must enhance their educational initiatives to assist enterprises in navigating these advancements. Andrew Brown, IoT Practice Lead at Omdia, emphasizes the need for clear guidance, stating that businesses of all sizes can leverage IoT deployments to drive substantial improvements in their operations.
