The IoT revolution is in full swing, but how many companies are truly benefiting from it? If we only see the products that make it to the big time, how many devices are left on the wayside? Is IoT success inevitable for companies, or are the prevalent ones built on top of a graveyard of failed attempts?
The Failed Ideas
Microsoft performed a survey on 3,000 IT leaders, and the results were very interesting. For one, 30% of all IoT ideas fail as that – just an idea. Just under a third of all IoT products never make it to become a tangible gadget.
The main reason for this seems to be due to companies overestimating the world of IoT. Microsoft says companies pinned failed ideas on implementations getting a lot pricier than first assumed, or the company wasn’t really sure how to make a solid profit off of the product.
This shows how many IoT products are designed based off of a fleeting idea, which then gets caught up in money issues. A lot of people have ideas of how to revolutionize current technology in an IoT world, but when it comes to building and selling it, the developers realize it’s far too ambitious.
Other Interesting Stats
Of course, that wasn’t the only thing discovered in the survey. 85% of the respondents are in the middle of adopting IoT into their businesses. Out of that percentage, 88% believe IoT is essential for businesses to thrive in the future.
Despite this seemingly favorable acceptance of IoT, business leaders still aren’t impressed with its security. 97% of responders are concerned about how strong IoT’s security is, but they still choose to soldier on with implementing it within their business.
The responders also stated that AI, edge computing, and 5G will be the top contributors for spearheading the IoT revolution. Unfortunately, 47% of responders feel they don’t have the staff properly trained for the wave of new technology.
What this Says About Business IoT
From this survey, we can see that businesses are very keen to get their hands on IoT. In fact, a lot of them believe that if they don’t, they’ll be left behind by the companies that do.
Unfortunately, they’re being let down in a few ways. First, IoT security needs to be tightened up so that businesses can safely adopt this new emerging technology without compromising their privacy.
Second, people in the IT industry should ensure that people are kept up to speed so that workers understand what’s going on in the technology around them. By keeping workers in the dark, employers run the risk of devices being used incorrectly. In some workplaces, this may even lead to injury due to misconfigured technology.
Having Ideas About IoT Ideas
The world of IoT is a fast-paced, always-innovative one. As such, many IoT devices don’t make the jump from paper to product. We also see how businesses are adopting IoT at a rapid rate, but very few of them actually trust that it’s safe enough to trust.
Given these scrapped ideas and this hasty adoption of IoT, do you think the industry is moving too fast? Let us know below.