Omdia research found that as investment continues to increase, IoT and 5G will become an increasingly integral part of enterprise operations.
According to Omdia’s Internet of Things (IoT) Enterprise Survey, enterprises are increasing investment and deployment of IoT devices, resulting in return on investment that meets or exceeds expectations.
A total of 490 respondents from nine countries (Australia, Brazil, China, France, Japan, Germany, South Korea, the United Kingdom and the United States) were surveyed. Among enterprises that have launched or are launching IoT solutions, more than 90% said that the IoT projects they carried out met or exceeded expectations.
Additionally, IoT is proving to be a more integral part of operations than ever before, with only 10% of respondents indicating that IoT tools are professional items.
Security, privacy and complexity remain the top three pain points for enterprises; securing data networks and devices is the top concern, followed by privacy and governance. However, IoT is an emerging market, and as investment in these tools continues to increase, concerns about its shortcomings or pitfalls diminish each year.
Despite continued economic uncertainty, investment in IoT remains strong, and the industry is growing as companies prioritize accelerated deployment of these solutions.
5G was also found to be a key enabler of IoT devices, with 66% of businesses using or planning to use 5G connectivity, while 5G fixed wireless access was seen as a potentially game-changing advancement for businesses in remote areas.
John Canali, principal analyst for IoT at Omdia and author of the study, said: “Both IoT and 5G have been derided as overpromising and underdelivering, but the IoT market is still evolving and 5G technology is still evolving. “While exaggerated proofs of concept sometimes grab the headlines, our findings are clear: Enterprises are embracing IoT, and 5G is becoming the preferred connectivity type.”
Despite the uncertainty surrounding the current economic climate and inflation, Omdia believes businesses will increasingly look to IoT solutions to meet emerging enterprise needs, including managing supply chains or achieving environmental, social and corporate governance goals ( ESG).