State of the Market: Internet of Things 2016
2015 was the year that the IoT gained legitimacy; 2016 is the year it goes mainstream. Over the last year, enterprises shook off a "start small, think big" mind-set around IoT, and are now building it into their future strategies and business models.
Oxford Economics surveyed 500 early adopters of IoT across different industry sectors and carried out in-depth interviews with nine IoT pioneers to understand their experiences implementing IoT. The survey investigated progress made implementing IoT, the financial business case, along with actual and expected performance improvements. The survey also explored the constraints that are holding back these early adopters. The survey results and interviews were important research inputs to Verizon's report. Key findings include:
- Companies across all industries now have IoT squarely on their radar.
- A growing IoT market is enabling organizations from every industry to comply with regulations, increase process efficiency, gain better customer insight, and build completely new business models.
- IoT platforms are making the development of IoT applications easier, faster, and cheaper for everyone.
- Analyzing IoT data remains a difficulty; only 8% use more than 25% of the IoT data they capture. -Security, organizational and cultural change also remain significant constraints.
Oxford Economics Research Team
Our Thought Leadership team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included:
Managing Editor, Thought LeadershipEmail
Technology Practice Lead & Deputy Director, Thought LeadershipEmail
Assistant Managing Editor, Thought LeadershipEmail