IoT, 5G Gaining Traction in Industrial Deployment
Omdia study finds IoT and 5G increasingly important part of business operations as investment continues to rise Companies are increasing their investment and adoption of IoT devices, resulting in ROI meeting and even exceeding expectations, according to Omdia’s Internet of Things (IoT) Enterprise Survey. A total of 490 respondents were interviewed in nine countries (Australia, Brazil, China, France, Japan, Germany, South Korea, the UK, and the USA). Of the companies that have or are currently implementing IoT solutions, more than 90% report that the IoT projects they are implementing have met or exceeded expectations. In addition, IoT appears to be a more important part of operations than before, with only 10% of respondents saying that IoT devices are among specialized projects. Security, privacy, and complexity remain the three biggest pain points for businesses; with network data security and device security the top concern, followed by privacy and governance. However, IoT is a developing market, and although investments in these devices are still growing, concerns about its shortcomings or pitfalls are gradually decreasing every year. Despite ongoing economic instability, investment in IoT remains strong and the sector continues to grow from strength to strength as companies lead the way in accelerating the adoption of these solutions. . 5G was also found to be the primary enabler for IoT devices, with 66% of businesses using or planning to use 5G connectivity, while 5G fixed wireless access was identified as a potentially game-changing development for those in remote locations. “IoT and 5G have been derided as over-promising and under-delivering,” said John Canali, senior IoT analyst at Omdia and author of the study, “yet the IoT market is still evolving and 5G technology is constantly evolving. While sometimes provocative proofs of concept are prioritized over headlines, the results of our survey are clear: companies are embracing IoT and 5G is emerging as the preferred type of connectivity. Despite the current economic climate and inflation uncertainty, Omdia believes that companies will increasingly seek IoT solutions to meet evolving business needs, including managing their supply chain or meeting environmental, social and corporate (ESG) goals.