In a IoT Commercial Adoption Survey, the Eclipse Foundation found that the internet of things (IoT) adoption is growing, though “slower than the hype would indicate.” The nonprofit that facilities open source software collaboration and innovation conducted the survey in 2019.
A plurality, or just under 40%, of the 366 company representatives surveyed said their organizations are currently deploying IoT solutions, and another 22% said they plan to begin deploying IoT within the next 2 years.
Though four in 10 companies plan to increase their IoT spending in the next fiscal year, companies are cautious when adopting IoT solutions.
Thirty percent of organizations reported planning to spend less than $100,000 in the next fiscal year. Only 15% plan to spend between $100,00 to $1 million. The Eclipse Foundation concludes that companies are hesitant to invest before seeing a return on investment.
The top three concerns/priorities for deploying IoT solutions are data security (26%) performance (19%) and data collection and analytics (17%).
Companies were also asked to rank the importance of the certain technology components in their IoT solutions. Fifty-one percent of respondents said sensors are highly important, followed closely by cloud platforms (48%), data processing/basic analytics platform (47%) and user interface (45%).
“The fact that less than 40% of respondents identified artificial intelligence and machine learning as concerns of high importance to them shows that it is still early days for that segment of the market,” the authors write. “It is possible that most organizations do not have the right skill sets to leverage AI/ML internally.”
Companies reported deploying a variety of IoT solutions, including energy management, building automation, smart cities, industrial automation and agriculture, according to the survey.