The Current State of the Internet of Things Continuity and Change, Commonalities, and Fragmentation
Highlights from the Annual Frost & Sullivan Global IoT Survey
29-Jan-2024
Global
Market Research
In this third iteration of the annual Frost & Sullivan IoT user survey, we start to gain a longitudinal understanding of the industry’s continuity and change. A total of 688 respondents participated in the survey conducted in Q3 2023, with IT and business decision-makers responsible for IoT decisions representing a range of industries, organization sizes, and regions.
Compared to the previous year, the 2023 survey’s results reveal both patterns of change and continuity. Furthermore, the results indicate regional as well as industry differences in IoT adoption.
Some of the changes perceived in 2023 take place in the status of IoT deployment in organizations and the growth of C-Suite influence in decision-making. On the other hand, organizations claim to have the same business objectives and challenges. For example, security and data protection remains the top challenge for implementation.
Finally, the survey indicated regional and industry differences in 2023 in terms of benefits perceived, wireless connectivity used in IoT solutions, data volume, IoT applications, and economic scenarios for 2024.
Research Objectives and Methodology
Field Work: Q3 2023
Respondents: IT and business decision-makers responsible for IoT-related purchases
Total Sample: n=688
Study Period: 2023
- Since 2010, Frost & Sullivan has conducted an annual survey of IT and business decision-makers regarding their perceptions, decisions, and purchases. In 2023, and for the third time since the survey’s inception, Frost & Sullivan implemented a set of IoTspecific questions, allowing comparison over time.
- The survey’s goal is to understand respondents’ evolving organizational priorities and the extent to which cloud-related technologies help them achieve their business objectives.
- The results provide a glimpse of enterprise decision processes, including:
- Decision-makers that are driving the adoption of digital solutions;
- How enterprises rank challenges and priorities; o What benefits are experienced by region and industry;
- What infrastructure options enterprises are using and planning to add;
- Key IoT applications;
- The approximate ranking of spending on components;
- Growth expectations.
Important Findings
- Security and data protection remains the top challenge for implementation—tactical issues are paramount. Furthermore, decision-makers continue to report challenges related to the complexity of system integration when implementing IoT solutions.
- IoT adoption and spending remain stable. Decision makers seem reluctant to change the status quo regarding IoT spend in 2024. Organizations will maintain their investment in IoT at 2% to 4% of their IT budget.
- Regional differences emerge across the survey with dissimilar adoption patterns. North America (NA) showed a discrepancy with the other regions in terms of wireless connectivity and the reasons for its IT budget decrease. NA and Asia-Pacific (APAC) respondents indicated similar responses regarding data volume and application. Concurrently, Europe and Latin America (LATAM) cited similar responses about the benefits of IoT and its applications.
- Businesses from different verticals cited dissimilar deployments and experiences. Market sectors vary depending on who makes decisions and preferred IoT applications.
Important Findings
Research Objectives and Methodology
Respondent Profile
IT Department and C-Suite Officers Drive Decisions
Slight Changes in Business Priorities and Objectives
Significant Change in IoT Deployments
The Tactical IoT Challenges Persist
ESG and Customer Experience Propel the Growth of IoT
Regional Similarities and Differences in Benefits Experienced
Industry Similarities and Differences in Benefits Experienced
Regional Differences in Wireless Connectivity
Dealing with Significant Data Volumes
Regional Differences in Application
Heavy Usage Outliers
Transportation and Storage Drives Large-scale IoT Deployments
Investments Expectations Show Stability
Economic Scenarios Show Disparate Regional Concerns
The Last Word
Growth Opportunities Fuel the Growth Pipeline Engine™
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
List of Exhibits
Legal Disclaimer
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
Key Features
The results provide a glimpse of enterprise decision processes, including:
- Decision-makers that are driving the adoption of digital solutions;
- How they rank challenges and priorities;
- What benefits are experienced by region and industry;
- What infrastructure options they are using and planning to add;
- Key IoT applications;
- The approximate ranking of spending on components;
- Growth expectations.
Deliverable Type | Market Research |
---|---|
Author | Cecilia Perez |
Industries | Information Technology |
No Index | No |
Is Prebook | No |
Keyword 1 | IoT Technology Dynamics |
Keyword 2 | IoT Change Analysis |
Keyword 3 | IoT Continuity Analysis |
Podcast | No |
WIP Number | K97B-01-00-00-00 |