Report: Top IoT Use Cases Deliver Strong ROI
RTInsights, Friday, October 11th, 2024
Many of the top IoT use cases are delivering strong ROI for the organizations that are deploying them. As such, 51% of respondents to a recent industry survey said that their organizations plan to increase their spending in IoT use cases this year compared to 2023.
The number of IoT use cases is on the rise across industries, and many of them are providing higher ROIs than they did just a few years ago. Those are two of the main findings in the recent 'IoT Use Case Adoption Report 2024' from IoT Analytics. Specifically, the number of IoT use cases grew 53% from 2021 to 2024. And 92% of organizations report positive ROI from their IoT use cases.
That is quite a change in perception and philosophy from a few years ago. For example, a 2017 survey by Cisco found that 60% of IoT initiatives stall at the Proof of Concept (PoC) stage, and only 26% of companies have had an IoT initiative that they considered a complete success.