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Companies spending 24 percent of IT budget on Internet of Things

The report says that Internet of Things technologies will be critical for any organization’s future success.

According to a report by British Telecom major Vodafone, companies are investing 24 percent of their average IT budget on Internet of Things (IoT), on par with cloud computing or data analytics. Internet of Things is a network of physical objects and equipment with sensors that are connected and can exchange data to deliver advanced capabilities.

Vodafone’s fourth annual ‘IoT Barometer’ report is a global survey involving more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, Netherlands, South Africa, South Korea, Spain, Turkey, UAE, UK and US. The Vodafone report noted that 89 percent of firms investing in Internet of Things have increased their budgets over the last 12 months. It also said that Internet of Things technologies will be critical for the future success of any organization.

Almost 63 percent of Internet of Things adopters are seeing significant returns on investment. The report observed that 46 percent of the companies surveyed intend to develop new Internet of Things-based products and services over the next two years. The study found that more than half, or 52 percent of consumer electronics companies, are using Internet of Things technologies as the basis for a new generation of applications for connected homes.

Source: http://www.bgr.in/news/companies-spending-24-percent-of-it-budget-on-internet-of-things-vodafone/

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