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The IoT sector is growing and will continue to grow in the future. IoT applications are increasingly adopted in both Industry and domestic spheres. The projection of the IoT sector is promising and growing. However, the truth is that the IoT sector stands on a lot of market challenges. This is not a unique characteristic of the IoT market. Every market struggle against many market restraints and challenges. The presence of market challenges translates into opportunities for growth with examination and analysis. In its most recent report on IOT application adoption, Eseye has given details about the state of IoT application adoption and the challenges that continue to plague it.
Eseye conducted a holistic survey based on IoT applications to know the exact nature of the IoT application market. The survey showed that 76 percent of the respondents said that their IoT projects have been only somewhat successful. This means that even though many developers have developed IOT applications to release in the market, the new applications have not realized their application potential.
This trend is maybe because of the slow pace of IoT adoption in actual life. The IoT applications should be deployed in both industrial and domestic circles uniformly. However, this does not happen in reality. There is a gap between development and deployment that creates this observation for IoT developers.
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While this is a very dire observation, the IoT developers are hopeful that the fortune of the IoT sector will change soon. This is also why 85 percent of respondents listed in the Eseye report said that IoT projects are a priority for them. The potential for IoT devices is huge. Similarly, IoT devices also have a high potential for advancements too. Therefore, the developers support the research and development of IoT applications. However, the deployments of these new IoT devices will take 2 to 3 years. More than half of the participants of the Eseye study also believe this.
While the present scenario of the IoT sector and deployment looks bleak, the developers have their sights set on the future. Ninety-one percent of the researchers have plans of increasing the IoT development budget for their companies. In fact, the people target to increase the expenditure on IoT device development and deployment by 51 percent. Some of the developers have even said that the budget will increase by 100 percent.
This plan of increasing the IoT development and deployment budget emerged after the pandemic. Till now, there exists a huge gap between the development and deployment of IoT devices. However, the pandemic has created a huge demand for IoT devices and their applications. The pandemic exposed the weak links of industries. These weak links will strengthen with the help of technology like IoT. Thus, the future years in the post-pandemic phase are promising for the IoT deployment sector. The pandemic has only pushed the IOT sector towards aggressive progress. Therefore, one can expect the deployment pace of IoT applications to pick up in the future.
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Tanaya is a Senior Content Developer at IoT Avenue who helped to build the content of the site along with several other sites with her compassionate SEO driven content. She is also a HubSpot, certified Content Marketer. She brings her five years of experience to her current role, where she is dedicated to developing the content of different websites.
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