Over 30% of the organizations are incorporating Internet of Things
The adoption of the Internet of Things has grown from 29% to almost 34%, as of now. The figures come from the recent reports of Vodafone’s Internet of Things Barometer. The study also suggests that there is a subtle increase in IoT adoption concerning the ease of getting into the Internet of Things.
On the other hand, more and more companies are incorporating the existing Internet of Things solutions. Several enterprises do not concentrate on curating their solution. They feel that self-designing IoT devices would be hectic for them. Moreover, curating an IoT device from scratch would consume much of their time and resources. The experts are now saying that around 74% of the companies adopting the cutting-edge IoT companies believe that the companies that resist the adoption of the Internet of Things will lag over time.
The report suggests that the Internet of Things devices are changing the pace of organizations alongside their fundamental principles of the operational background. The report from Vodafone Barometer indicates that around 86% of the adopters present in the automotive are utilizing or are planning to use the Internet of Things technology to enhance their revenue.
Around 84% of the insurance adopters said that their businesses and their business models are significantly changing; IoT plays a crucial role in making the business of the organization grow. 60% of the industry said that they believe the Internet of Things is going to disrupt the industry almost by 2023 altogether. Vodafone IoT Barometer’s statistics suggest that 95% of the respondents can see the benefits that IoT can bring to their organizations.
IoT also helps to reduce the operating cost of the organizations. Additionally, it also improves the collection of data and increases the revenue, which is a part of the existing streams. In the present day scenario, on an average basis, the Internet of Things has successfully reduced 18% of the cost. Most of the companies are using the cellular, LPWAN, and Fixed-Line IoT connectivity.
**This post was published on https://www.rtinsights.com
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