In July, Microsoft announced changes that would change the Global IoT Landscape. IoT, also known as The Internet of Things, has undergone many changes over the past few years, but recent studies with Microsoft were designed to discover how these changes have made an impact worldwide. Over 3,000 IoT decision-makers in enterprise organisations were surveyed, providing a holistic, market-level view of the technology trends, challenges, and benefits of the Internet of Things on a world stage.
The report suggests what we already know – that IoT adoption is growing rapidly. Those surveyed believed that 30% o their revenue in 2021 would be due to advancements in IoT. However, another significant discovery was that there is a big IoT skills gap in the current global market. The industry faces significant challenges due to this because the complexity and security of the Internet of Things is transforming on an ongoing basis – while training to keep up is lagging. Not staying ahead of Digital Transformation could compromise business success in a digital age, affecting security, productivity, and even compliance.
The Lack of Talent
While The Internet of Things is growing significantly more prominent in a digital market, the lack of talent and training are a big stumbling block for all businesses. 47% of those surveyed by Microsoft cite this as an issue – there are simply not enough skilled workers. Not understanding how IoT can be used effectively in a business is also a pain point for companies, and 30% fail in proof-of-concept stages because they did not budget correctly or implement the right solutions for their business. This does not mean, however, that the Internet of Things is not a good investment – because it is. Companies who adopt a Future Workplace and make the most of their digital investments thrive in a modern market; and the global IoT landscape is driving these changes.
Sam George, the head of Azure IoT with Microsoft, believes that “IoT is transforming business in every industry and is powering breakthrough innovations.” Microsoft research shows that by unlocking the full potential of the Internet of Things, industry leaders can address critical challenges – including skill shortages and security concerns, and ensure that they thrive in a global IoT landscape. This research is only made more concrete by findings that show:
- 85% of respondents are already adopting IoT, and three-fourths have IoT projects in planning
- 88% of those adopting IoT believe it is a critical part of business success
- Of those beginning their Journey to IoT, 97% have security concerns but do not allow them to hinder their development
- IoT adopters believe that they will see a 30% Return on Interest in two years
- 38% of those surveyed have encountered complexity and technical challenges that have hindered their growth and adoption rates
The growth of IoT use enables companies to Journey to The Cloud, and adopt solutions that are adaptive, responsive, and agile in a digital age. According to the IDC’s Worldwide Global Datasphere IoT Devices and Data Forecast, there will be over 41 billion connected devices worldwide by 2025. This is a growth rate of 8.9% over the forecast period, and data has become the common denominator. Carrie MacGillvray of the IDC says “As the market continues to mature, IoT increasingly becomes the fabric enabling the exchange of information from ‘things’ to people and processes. Data becomes the common denominator — as it is captured, processed, and used from the nearest and farthest edges of the network to create value for industries, governments, and individuals’ lives.”
Across industries, The Global IoT Landscape is changing. The Internet of Things is transforming businesses, and intelligent solutions are driving success worldwide. If you have questions about how the Internet of Things affects you and your business, or simply want to find out more about how to embark on your Journey to IoT, get in touch today.