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

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

Highlights from the annual Frost & Sullivan Global IoT Survey

RELEASE DATE
22-Feb-2022
REGION
Global
Deliverable Type
Customer Research
Research Code: K734-01-00-00-00
SKU: IT04480-GL-CR_26303
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The Current State of the Internet of Things: Poised for Growth and Expansion in 2022–2023, Organizations are Concerned with Functionality
Published on: 22-Feb-2022 | SKU: IT04480-GL-CR_26303

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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.

Author: Nicholas Baugh

Key Findings

Business Priorities Fit with IoT Capabilities

IoT Integration Lurching Towards Ubiquity

Research Objectives and Methodology

Respondent Profile

Security is a Significant Concern

Regional Differences in Security/Privacy Outlook

On-premises Storage for IoT Will Persist

Cloud Planning While On-premises Data Storage Persists

Tactical Issues of a Deployment are Most Challenging

Expanding Universe of Benefits Propel Growth of IoT

Top Requirement is Network Availability

Wireless Connectivity

Hardware Expenditures Still High, and Holding?

Investments Forecast to Grow

Financial Services Sector Appears Poised for Big Purchases

The Last Word

List of Exhibits

List of Exhibits (continued)

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List of Figures
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    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. Author: Nicholas Baugh
    More Information
    Deliverable Type Customer Research
    No Index No
    Podcast No
    List of Charts and Figures Importance of Technologies to Achieve Business Priorities, Global, 2021 Business Priorities, Global, 2021 Status of IoT Deployment in the Organization, Global, 2021 Naming “Maintaining Adequate Security and Data Protection” as a Crucial or Very important Challenge by company size, Global, 2021 Naming “Maintaining Adequate Security and Data Protection” as a Crucial or Very important Challenge by industry, Global, 2021 Naming “Maintaining Adequate Security and Data Protection” as a Crucial or Very important Challenge by Region, Global, 2021 On-Premises Storage Usage by Region, Global, 2021 On-Premises Storage Usage by Industry, Global, 2021 Current and Planned Infrastructure Storage Use for IoT Computing and Storage Needs, Global, 2021 Most Challenging Aspects of Implementing IoT, Global, 2021 Benefits Already Achieved, Ranking of Aggregated Top 3 Choices, Global, 2021 Top Connectivity Requirements by Industry Segment, Global, 2021 Connectivity Technologies Used in IoT Solution*, Global, 2021 Percent Aggregated Average Spending by Component, Global, 2021 Current IoT Spend as a Percent of Overall IT/Telecom Budget, Global, 2021 Estimate for 2023 IoT Spend as Percent of Overall IT/Telecom Budget, Global, 2021 Using a Platform to Manage IoT, Global, 2021 Likely Platform Selection to Manage IoT, Global, 2021
    Author Nicholas Baugh
    Industries Information Technology
    WIP Number K734-01-00-00-00
    Is Prebook No
    GPS Codes 9705-C1,9AD1-C1,9658,9655,9B07-C1