According to a report by British telecom major Vodafone, companies are spending 24% of their average IT budget on Internet of Things(IoT), keeping parity with cloud computing or data analytics.
By Baishakhi Dutta
The report noted that 89% of firms investing in IoT have increased their budgets over the last 12 months.
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.
It surmissed IoT technology will be critical for the future prosperity of any organisation. Almost 63% of IoT adopters are seeing significant returns on investment.
The report observed that 46% of the companies surveyed intend to develop new IoT-based products and services over the next two years.
The study found that more than half, or 52% of consumer electronic companies, are using IoT technologies as the basis for a new generation of applications for connected homes.
