Eseye, a provider of IoT connectivity solutions, has unveiled its fourth annual State of IoT Adoption Report for 2024. This detailed report offers a comprehensive overview of the latest trends, advancements, and obstacles within the IoT landscape across the UK and US. Marking a significant milestone, this year’s edition is the most extensive to date, underscoring the growing complexity and importance of the IoT sector.
One of the key findings highlights that fewer than 0.4% of organisations are achieving IoT connectivity levels of more than 98% across their device estates, down from 1.49% in 2023. This figure falls short of the performance businesses require, with 79% of respondents indicating they need connectivity as close to 100% as possible for their IoT initiatives to succeed.
The report also emphasises the persistent challenge that IoT devices pose for many businesses, with 58% attributing project failures to issues at the device level. This underscores the necessity of optimising device design from the outset, as even minor defects can escalate into more significant connectivity and operational issues. For companies seeking success in their IoT deployments, ensuring reliable device performance is no longer optional but is instead a crucial element in achieving scalability and long-term profitability.
Device enhancement is also a priority for businesses, with 80% agreeing that devices must become more intelligent and capable of processing data at the edge. As IoT devices proliferate and the demand for real-time data analytics grows, advanced edge computing capabilities are increasingly essential. By processing data closer to its source, edge computing reduces latency, improves decision-making speed, and enhances overall system efficiency. Eseye is driving this transformation, enabling enterprises to maximise IoT’s potential with secure, scalable, and seamless connectivity solutions tailored to the evolving demands of today’s digital environment.
The report is based on responses from 1,200 senior IoT decision-makers and implementers, covering six key industry sectors: agritech, EV charging and smart grid, healthcare, manufacturing, supply chain andlogistics, and smart vending. The report offers crucial analysis and forward-looking insights from leaders at the forefront of IoT adoption, helping businesses navigate the fast-evolving IoT ecosystem.
Key findings:
IoT adoption and expansion:
- Adoption pace: 80% of organisations plan to expand their IoT estates within the next 18 months, reflecting steady growth in IoT investment
- Budget increases: 54% of respondents anticipate increasing their IoT budgets by 25-50%, showing strong financial commitment to IoT projects
- Revenue growth: 63% of respondents reported revenue growth as a result of IoT implementations, illustrating the tangible benefits of IoT technology
- Security breaches: In the past year, 58% of US businesses experienced IoT security breaches, compared to 43% in the UK
Trends and priorities:
- Sustainable IoT device design: 94% of respondents view sustainability as important in IoT device design, with 58% considering it very important. Organisations are increasingly considering eco-friendly options, such as iSIM over plastic SIMs, evaluating materials, and reducing their CO2 footprint
- Edge computing: 80% of businesses see the necessity for on-device intelligence and Edge data processing, driving demand for advanced Edge computing capabilities
- Managed services: 77% of respondents prefer managed IoT connectivity services, reflecting a shift towards outsourcing complex IoT functions for better efficiency and reliability
Benefits and challenges by Industry:
- Agritech: IoT adoption has boosted revenue for 68% of respondents, with access to technical support (21%) being the top challenge
- Smart vending: Sustainability is a key focus (62%), but technical support challenges (34%) remain
- EV charging and smart grid: IoT drives revenue growth (65%), though technical device challenges persist (26%)
- Healthcare: 54% of respondents have seen revenue growth through IoT, while 29% struggle with technical IoT support
- Supply chain and logistics: IoT offers a competitive edge for 80% of respondents, with device security cited as a major concern (41%)
- Manufacturing: Security is a top challenge (27%), but 68% reported increased revenue from IoT adoption
“The pace of IoT adoption remains strong, with businesses realising significant benefits. However, connectivity performance and security challenges must be addressed to sustain this growth,” said Nick Earle, CEO of Eseye. “To maximise IoT success and performance, it’s essential to seek partners who can deliver 99% or greater uptime with intelligent device connectivity capabilities for reliable and consistent connectivity. Embracing managed services is equally important; partnering with experienced providers helps navigate the complexities of the SGP.32 standard and ensures a seamless transition. Prioritising security is crucial — embedding advanced security features in devices from the outset and staying updated on IoT security regulations is vital to protect against cyber threats.
“Thorough testing using private LTE networks for real-world scenarios is essential to ensure devices perform reliably. The State of IoT Adoption 2024 report has offered valuable insights to help businesses navigate these challenges and fully leverage the potential of IoT. With security now being the top challenge, it is ever more crucial for businesses to invest in robust security measures to protect their IoT deployments at all costs. The need for ongoing improvements in both connectivity and security is clearly critical to supporting the expanding IoT ecosystem.”
The report can be downloaded here.
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