Less than a quarter of respondents to the latest Tech Pro Research survey said their company is currently using IoT-connected devices to collect data, but more respondents said their business plans to get into the IoT game within the next year. Respondents in those two groups reported a wide variety of uses for data insights, including predicting trends, improving products, capacity planning, R&D and security.
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Among respondents whose companies who have implemented IoT data collection, 71% said that less than 20% of their IT budget goes towards those efforts, with the majority spending most of their IoT funds on software.
A takeaway here: don't expect miracles from IoT data collection. Only 22% of IoT users said they've seen clear and compelling returns after implementation.
10 ways to implement IoT for business advantage (TechRepublic)
Why 10 million developers are lining up for the Internet of Things (TechRepublic)
10 ways to capitalize on the Internet of Things (TechRepublic)
The Power of IoT and Big Data (ZDNet)
Related Topics:Innovation Digital Transformation Internet of Things CXO Artificial Intelligence Data Management
Amy Talbott is an associate editor at TechRepublic. She edits CXO, mobility, and open source content, as well as research reports for Tech Pro Research.