Companies are benefitting from using Internet of Things (IoT) in their operations, according to a new Verizon Business survey.
In addition to a positive return on investment (ROI), businesses are seeing potential growth and internal enthusiasm for using the IoT tools, the survey said.
“The Internet of Things is a data powerhouse. A business’s connected machines, IT systems, and overall operations produce an enormous amount of data — location, condition, anomaly, threat, operational progress and continuity, and so on,” said Verizon Senior Vice President of Global Solutions and IoT Daniel Lawson in a prepared statement about the survey.
“IoT is how that data gets collected and parsed to provide businesses with insights about how things are going and how they can be improved. This survey tells us that IoT is highly valuable and scalable when implemented correctly, benefits from a full connected ecosystem, and is about to get a lot more interesting and dynamic with AI [artificial intelligence] and other emerging technologies.”
Among the survey’s findings:
- More than three-quarters (77%) enterprises have seen clear ROI from IoT investments.
- IoT deployments of more than 10,000 devices are expected to more than triple by next year.
- Eighty-four percent of enterprises consider AI a key technology for IoT.
- Seventy percent of businesses say they have accelerated their IoT deployments.
- Eighty-two percent of enterprises say that combining AI with video/camera data can deliver valuable insights for real-time decision-making.
- More than half of organizations cite efficiency and productivity gains as the primary driver for IoT investment.
- Fifty-two percent plan to use private wireless networks for their IoT projects in the next 12 to 24 months, a 24% increase over current usage.
- Eighty-seven percent say systems integration support from a mobile network operator is important or critical for successful IoT deployment.
The survey comes out shortly after a J.D. Power report that found satisfaction is improving markedly among business wireless customers.
