Inmarsat's research found that investment in the Internet of Things (IoT) will surpass that in cloud computing and other digital transformation technologies.
The Internet of Things (IoT) can hardly be considered an "emerging technology" anymore. Between 2017 and 2020, IoT investment averaged 7% of an organization's IT budget. In the next three years, businesses expect to increase their IoT budgets to 10%.
The following is a comparison with investments in other Industry 4.0 technology initiatives:
▲Cloud computing (9%)
▲Next-generation security (7.5%)
▲Big Data Analysis (7.3%)
▲Robots (5.3%)
▲Machine learning (4.8%)
▲Virtual Reality (4.3%)
Mike Carter, president of Inmarsat Enterprise, said:
"Our latest research shows that the Internet of Things is now the main Industry 4.0 technology that businesses will invest in over the next three years."
The emergence of the Internet of Things (IoT) as a priority for corporate investment, and the increasing cost savings they expect from IoT in the coming years, indicate that IoT has become a mature technology across multiple industries.
However, significant differences remain across industries and several key sectors for all organizations, requiring improvements to maximize the benefits of this technology: ensuring reliable connectivity, improving data management, and addressing their IoT skills gaps and security concerns.
Regarding the differences in the various industries planning IoT investments, oil and gas companies intend to invest the most in the technology over the next three years (an average of $3.2 million). This is followed by electricity utilities ($3.1 million), transportation and logistics companies ($3 million), mining operators ($2.7 million), and agricultural companies ($2 million).
The COVID-19 pandemic has highlighted the need for businesses to implement Industry 4.0 technologies, such as the Internet of Things and cloud computing, to ensure not only improved efficiency in daily operations but also business continuity in rapidly changing environments.
Mike Carter added, “While the adoption of IoT has increased rapidly, COVID-19 has highlighted the importance of Industry 4.0 technologies, such as IoT, for business continuity.”
"As the world's production and supply chains become increasingly interconnected and digitalized, companies that implement supply chain digital twin technology and share data are benefiting from it."
