A new report from Vodafone Business suggests that IoT adoption will accelerate due to COVID-19.
Vodafone’s report, 2020 IoT Spotlight, features responses from 1,639 businesses around the world.
Erik Brenneis, IoT Director at Vodafone Business, said:
“IoT has grown up. It’s no longer just about increasing return on investment or providing cost savings to businesses: it’s changing the way they think and operate. And it’s giving them an opportunity to redesign their operations and future-proof their business model.”
73 percent of businesses (76% in the Americas) that were considering adopting IoT technologies say that COVID-19 has accelerated their plans.
Of the businesses which are already using the IoT to some extent, 77 percent (84% in the Americas) report increasing the pace of their projects amid the pandemic.
While the pandemic brought much to a halt, the research suggests businesses are looking for increased automation to help deal with such unforeseeable circumstances in the future.
87 percent of businesses now say that the IoT is vital to their success (92% in the Americas). 73 percent believe that organisations who fail to embrace the IoT will fall behind within five years.
Businesses have had to rapidly adapt to support things like working from home during the pandemic. With winter approaching, when respiratory illnesses thrive, all businesses should ensure they remain prepared for further lockdowns and/or restrictions.
84 percent of IoT-adopting firms said that the technology was key to keeping business flowing during the pandemic. 84 percent now regard the integration of IoT devices with workers as a higher priority.
Almost all (95%) of the companies surveyed that are already utilising the IoT are reporting that they’ve achieved a return on their investment. 55 percent claim their operating costs have decreased by an average of 21 percent.
Businesses also report being able to do more thanks to the IoT. 84 percent claim they’re now able to do things they couldn’t before—while 59 percent say IoT data is becoming essential to support their company’s decision-making.
“This research proves IoT is an essential technology for businesses that want to be resilient, more flexible, and quicker to adapt and react to change,” concludes Brenneis.
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