In the ever-evolving landscape of digital transformation, IoT deployments have emerged as a pivotal component in the strategies of enterprises.
IoT deployments enable businesses to reap rewards such as enhanced productivity, reduced costs, and the realisation of environmental sustainability objectives.
Omdia’s latest Internet of Things Enterprise Survey underscores the escalating commitment of businesses to IoT solutions, with a marked increase in spending and widespread expansion of deployments.
The survey’s outcomes unveil a robust trend: a significant number of enterprises have already initiated IoT solution deployments or are actively engaged in rolling them out. 95 percent of respondents anticipate witnessing tangible advantages from their IoT initiatives within a mere two years of implementation.
“While some tech giants have scaled back their IoT efforts, enterprises are embracing IoT and seeing remarkable results,” said John Canali, IoT Principal Analyst at Omdia and author of the report.
“In fact, enterprises are very forward-looking in incorporating new technologies like 5G, fixed wireless access (FWA), and eSIM/iSIM technology.”
According to Omdia’s comprehensive analysis, Long-Term Evolution (LTE) or 4G connectivity remains popular, yet the future lies in the rapid adoption of 5G connectivity, with over 70 percent of enterprises planning its incorporation.
Moreover, the study indicates that nearly 90 percent of enterprises are either already using or planning to integrate eSIM/iSIM technology within the next two years. This technology stands to empower enterprises in their cost management endeavours and pave the way for more favourable negotiations concerning future connectivity tariffs.
Amidst the surge in IoT solutions deployment, Omdia’s survey draws attention to the positive ripple effects cascading through the entire IoT value chain. However, this growth spurt also ushers in intensified competition.
Enterprises are increasingly reliant on vendors and partners due to the intricate nature of IoT solution implementation, necessitating a diverse skill set for success. One significant barrier frequently cited by enterprises is the challenge of sourcing and acquiring the requisite resources and expertise internally.
“Our survey suggests that there are a multitude of opportunities ranging from hardware, software, connectivity, services… however, security remains at the forefront of enterprise concerns and vendors must be able to not only offer secure products and services but also be able to effectively integrate into broader solutions.,” explains Andrew Brown, IoT Practice Lead at Omdia.
“Vendors that fail to deliver secure solutions will find themselves locked out of this growing market.”