More than three quarters of Australian businesses believe that embracing the Internet of Things (IoT) is critical for success in their industry, according to Vodafone’s fourth annual IoT Barometer report.
Vodafone’s global survey measures business sentiment around innovation and investment in the IoT, the term used to describe the evolution of a new generation of devices and processes using connected network intelligence to deliver advanced capabilities. This year’s report is the first to include Australia.
In regards to Australian businesses, the 2016 Vodafone IoT Barometer Report found that:
- 78% of Australian companies believe that IoT is critical for future success of organizations in their sector
- 51% are planning to launch new connected solutions in the next 12 months
- 76% believe that seeing real success and value from IoT requires significant financial and time investment
- Only 47% have the processes in place to manage IoT security
Globally, the 2016 Vodafone IoT Barometer Report found that:
- 89% of companies investing in IoT have increased their budgets over the last 12 months
- 76% of all companies interviewed believe that taking advantage of IoT technologies will be critical for the future success of any organization
- 63% of IoT adopters are seeing “significant” returns on investment, up from 59% in last year’s Report
- IoT investment now accounts for 24% of the average IT budget, on a par with cloud computing or data analytics.
The survey was conducted by Circle Research in April and May 2016 and involved more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, The Netherlands, South Africa, South Korea, Spain, Turkey, the UAE, the UK and the USA.
Stuart Kelly, Vodafone Hutchison Australia Executive General Manager of Enterprise
Across the world, IoT is becoming one of the most important areas in which businesses are investing. In Australia, we can see that same sentiment is strongly reflected, however the Barometer report shows that local businesses are lacking the expertise and confidence to properly embrace it.
Erik Brenneis, Vodafone Group IoT Director
Three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever. Almost half the companies surveyed across multiple countries and sectors told us they’re already planning to bring connected network intelligence to millions of devices and processes over the next two years.
