The Current State of the Internet of Things: Poised for Growth and Expansion in 2022–2023, Organizations are Concerned with Functionality

The Current State of the Internet of Things: Poised for Growth and Expansion in 2022–2023, Organizations are Concerned with Functionality

Internet of Things (IoT) technologies are fast becoming essential business tools and key parts of digital transformation for many organizations. IoT deployments are well suited, across the range of potential configurations and applications, to dovetail with efforts to achieve top reported business priorities.

Frost & Sullivan conducted a survey with 545 IT and Business Decision makers responsible for IoT-related purchases from October to November 2021, representing a range of industries, organization sizes, and global regions.

The results demonstrate that many enterprises recognize security and data protection as paramount, but some sectors and geographies feel less challenged—either because they underestimate the risk (to their peril) or because they feel adequately prepared. Moreover, on-premises storage will persist (especially in most mature markets). Many organizations do plan to diversify their IoT storage strategies (with hybrid and multi-cloud options) to cope with the massive amounts of data and compute needs. Relatedly, decision-makers see the nuts-and-bolts tactical issues of implementing and maintaining IoT solutions as the main obstacles, rather than struggling to build a business case. Consequently, organizations will likely seek service providers for help implementing and maintaining operations. Overall, decision-makers expect that IoT as a percentage of IT spending will grow, but that hardware may continue to consume large portions of budgets in light of supply chain disruptions.