According to the latest research, 77% of American respondents stated that their IoT projects have achieved a certain degree of success at best in meeting expectations and realizing benefits, but 86% of respondents still plan to increase investment.
According to a report, more than one-third (36%) of U.S. organizations have reduced their IoT investment plans, and 33% of organizations have completely cancelled their IoT plans because of COVID-19, which is much higher than British counterparts (19%) commissioned by the global IoT connection expert Eseye to study the adoption of new IoT.
The US respondents surveyed are doing fewer large-scale IoT projects. Only 13% of the respondents have deployed more than 10,000 devices. This highlights that the market may not mature as quickly as parts of Europe. This immaturity may be the reason why some American respondents have reduced their investment plans and are cautious about the success of the Internet of Things. 41% of American respondents cited security as their top challenge when implementing the Internet of Things, compared with 36% in the UK. Similarly, 41% of American respondents said that equipment onboarding (ie, device setup, configuration, and design), testing and certification is also a key issue, while only 29% of British respondents said this. As a result, three-quarters of American companies that started implementing IoT plans in the past 12 months indicated that IoT projects have not reached their full potential.
The research was conducted by Opinion Matters, an independent research organization, among 250 UK and 250 US senior decision makers and IoT strategy implementers in five vertical markets. It explores the current state of IoT adoption; the challenges, opportunities, and untapped potential of the Internet of Things; the impact of COVID-19 and how it affects adoption plans; and the importance of smart connectivity to drive future growth.
Key findings of U.S. IoT adoption
- 88% of American respondents said that the Internet of Things is the top priority of their business.
- 46% of respondents plan to start more projects in the next two to three years.
- 86% are planning to increase the budget of the IoT program; 46% plan to increase spending by 51% to 100%.
- 98% of people said that COVID-19 has affected their IoT plans; 25% of respondents have accelerated the development of their IoT plans, 31% said they have increased their investment plans, and 36% said they have reduced Investment plans, 33% of people have cancelled their IoT plans. In contrast, the proportion of British respondents was 19%.
- 77% of American respondents stated that their IoT projects have achieved a certain degree of success at best in meeting expectations and realizing benefits.
- Safety and equipment onboarding were considered the biggest challenges; 41% expressed this on both issues, while 37% proved difficult to manage asset and equipment contracts.
- The deployment of cellular IoT has not yet reached critical mass; the majority of US respondents (87%) have deployed fewer than 10,000 devices.
The Internet of Things is at a tipping point
The study found that the larger the project, the faster the organization will adopt the Internet of Things. The more devices that respondents have in the field, the more devices they plan to deploy in the next 12 months. This shows that the scale of the Internet of Things project has reached a critical point. However, of the 250 American respondents, only 13% deployed between 10,001 and 100,000 devices on site, and only 2% deployed more than 100,000 devices.
Disrupt the market and business model
The Internet of Things project is undertaken by innovative organizations, aimed at subverting traditional business models and providing tangible business benefits. When asked about the benefits that their IoT plans have or are expected to bring, American respondents scored higher in entering new markets (36%) and 34% in the UK and providing new lines of business. The UK score These are 35% and 29%.
Nick Earle, CEO of Eseye, commented: “These survey results show that American respondents are choosing to use the Internet of Things to innovate; to break into new areas and conduct market research with new products. However, compared with the United Kingdom, the American respondents are on the security of devices and device logins. This poses a greater challenge. Compared with the United Kingdom, this equipment onboarding issue may indicate that the equipment certification program in the United States is more stringent. However, the need for smart connections is not a problem in the United States as it is in the United Kingdom. This may be because historically Look, U.S. deployments tend to be domestic rather than international. However, as US-based corporate organizations deploy the Internet of Things globally, this has become a bigger problem due to permanent roaming and other cellular connection restrictions.
Technology driven
45% of American respondents believe that cloud and remote access are the main technology drivers. Given the events in the past year, this is not surprising, as many companies hope to accelerate their digital transformation plans through IoT initiatives. American respondents rated LPWAN technology (45%) and intelligent edge hardware (44%) higher than 5G (35%), and 5G is the second largest technology driver for British respondents.
Smart connection
American interviewees were asked to what extent they agreed or disagreed with the statement. “I think the development of smart connectivity is essential to continue to promote the adoption of the Internet of Things?” Interestingly, American respondents don’t care much about this issue. Only 21% strongly agree with this statement, compared with 33% in the UK. In fact, nearly a quarter (23%) of American respondents were ambivalent about this statement, and neither agreed nor opposed.
Earle continued:
“When looking to the future, 88% of US respondents said IoT is a priority, higher than 85% in the UK. Similarly, we found that US organizations are more concerned with the management of equipment and contracts, which may mean that they are starting to think more , A more global deployment, which reflects what we are starting to see in the market.”
“Recently, Eseye has been cooperating with four global Fortune 500 companies on some major global IoT projects, so the trend is changing.”
Eseye’s 2021 Internet of Things Adoption Report provides a detailed analysis of the Internet of Things challenges and trends affecting UK and US companies, and studies the differences between vertical markets, including: supply chain and logistics; electric vehicle charging and smart grids; manufacturing ; As well as healthcare and medical equipment. It contains actions and strategic recommendations that the organization should prioritize to improve business results and the value derived from these actions.
