The constantly increasing deployments show that enterprise adoption of the Internet of Things (IoT) is on the verge of becoming mainstream. The need for specialized solutions like asset tracking, increased demand for affordable networks, greater adoption among key verticals are all elements driving this expansion. Furthermore, there are no signs of slowing down: by 2025, the worldwide IoT industry is expected to reach $875 billion.
Utah Tech Labs has undertaken a comprehensive study encompassing over 200 North American businesses engaged in planning or implementing IoT solutions. The study delves into their technological preferences, requirements, and challenges associated with IoT deployments. The study findings have identified three pivotal business needs and prerequisites for IoT solution providers, with LoRaWAN emerging as the most suitable technology to address scalability, serviceability, and simplicity.
With more than two-thirds (67%) of survey participants expecting a ROI within a year and only 3% expecting it to take longer than two years, businesses are experiencing significant pressure to see a speedy return on investment (ROI) from their IoT projects.
According to the poll, 46% of businesses are now in the early stages of exploring, planning, or testing their IoT implementations. Nearly 80% anticipate being in an active or expanded phase or having finished their IoT initiatives during the next two years, which presents a significant shift.
52% companies currently have fewer than 50,000 IoT devices deployed - yet in two years, 70% of them plan to reach this number (with 5% expecting to expand to 1 million). In order to achieve such goals, enterprises should prioritize technologies that enable easy scalability as well as vendors that can support them along the way.
Scalability: Enabling the swift implementation of IoT solutions across multiple campuses or geographical areas, seamlessly transitioning from pilot projects to enterprise-wide deployment. This entails establishing an infrastructure capable of supporting an expanding array of connected devices and diverse IoT use cases.
Serviceability: Delivering technical and strategic support throughout the entire lifespan of the IoT solution, encompassing both pre- and post-deployment phases. This includes ensuring the smooth integration of IoT infrastructure, devices, and solutions.
Simplicity: Streamlining the complexity involved in creating, deploying, and maintaining IoT systems, irrespective of industry or organizational scale. This entails offering intuitive tools and processes to simplify the entire IoT ecosystem.
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