A new survey conducted by Microsoft Internet of Things (IoT) shows that as IoT adoption grows faster, the industry faces a “significant” IoT skill gap, as well as complexity and security challenges. Commercial benefits for IoT can be compromised if they are not noticed quickly.
The Microsoft IoT report provides an overview of the IoT landscape “IoT signals.” To that end, Microsoft has analyzed more than 3,000 IoT decision-makers in business organizations to provide a comprehensive overview of the IoT ecosystem market, including adoption rates, associated technology trends, challenges and benefits of IoT.
In a statement from Microsoft, Azure IoT President Sam George said: “IoT is transforming companies in all industries, driving innovation. Our research shows that the industry needs to address critical challenges such as scarcity, security concerns, and the complexity of the solution to unlock the full potential of IoT. “
Here are some key findings:
- Eighty-five percent of respondents are in IoT adoption, and most of them have plans.
- Of IoT users, 88% believe that IoT is critical to business success.
- IoT adopters now expect to see an ROI of 30 percent, including two years of savings and efficiency.
- Almost all adopters, 97 percent, have security problems when they implement IoT, but this does not prevent adoption.
- 38 percent of adopters cite the complex and technical challenges of using IoT as a barrier to further improve their adoption of IoT.
- The lack of skills and training presents challenges for half of the adopters, and 47 percent say there are not enough skilled workers.
- Respondents believe that AI, Edge Computing, and 5G are key technology drivers for the success of IoT in the next two years.
- Almost one-third of the projects (30 percent) fail at the POC stage because the implementation is often costly, or the subsequent benefits are not clear.
In all industries, leading global and business customers turn their businesses into intelligent solutions in IoT and Starbucks, Chevron, Buhler AG, Steelcase, Thyssenkrupp, and more. Together with the BCG Group, Microsoft has identified seven key elements to succeed in IoT: business strategy, leadership and organization, technology roadmap, talent, operations, and key business processes, partnerships, and security.