The Temperature Is Rising: Vodafone IoT Barometer 2017
Internet of Things (IoT) technologies have continued to rise in adoption for the last years and organisations continue to adopt IoT. Vodafone's recently published annual IoT Barometer highlights some of the key areas to which IoT has a significant effect.
The Effect of IoT in Revenue and Cost
Institutions are using IoT to transform their services and many of them have measured a return on investment (ROI) since their adoption. Businesses recorded a 19% increase in the revenue generated in their operations since the adoption of IoT and an average of 16% cost reduction.
The Role of IoT in Companies
82% of organisations have described the role of IoT since its adoption as a key integrating element in artificial intelligence (AI), analytics and digital initiatives. In the last 12 months, 84% of the organisations indicate a growth in the use of IoT solutions, while 46% of these companies are currently using the technology in Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and primary daily business operations.
Extent of IoT Adoption
According to the Vodafone IoT Barometer Report, organisations have recorded an increase in the launching of IoT projects since 2013 from 12% to 29% across all industries globally. Asia-Pacific has recorded the greatest growth from 12% in 2013 to 36% in 2017 while that of North America stood at 27% from 14% and 26% for Europe from 11% .
IoT Adoption in the Healthcare Sector
Healthcare industry has not been left behind in adopting IoT in its operations and has recorded an increase of 8% from 2014 to stand at 27% in 2017, with this increase translating to a compound annual growth rate (CAGR) of 9.2%. In the last twelve months, the healthcare industry had an 86% increase in the number of connections, while 59% are using the technology to offer new services, differentiate existing products and create new ones with the aim of increasing revenues.
As it stands, IoT has become an integral part of today's businesses of all branches. The findings of the Vodafone IoT Barometer 2017 illustrate it.