The findings of Microsoft’s latest report, IoT Signals, reveals that the adoption of IoT is swelling, however, the industry continues to face significant skill gaps, complexity and security concerns.
Microsoft surveyed about 3,000 decision-makers from the IoT segment to give the industry a holistic, market-level view of the IoT ecosystem.
As per the respondents, two years from now 30% of their company’s revenue will be flocking from IoT. 85% of respondents are in the process of adopting IoT, and three quarters of these have IoT projects in the planning stage. Among the adopters, 88% believe IoT is critical to business. While almost all IoT adopters – 97% – have security concerns when implementing IoT, this has not hindered the adoption.
The report also revealed that lack of resources and training pose a huge challenge for half of IoT adopters. The respondents also said that AI, edge computing, and 5G are going to be the key technology drivers for IoT success in the next two years.
Microsoft, in collaboration with BCG Group, identified seven key ingredients for success in IoT: business strategy, leadership and organization, a technology roadmap, talent, operations and core business processes, partnerships, and security. It is also likely to plunge £4.1 billion in IoT and intelligent edge technologies and ecosystem by 2022.