Vodafone research finds that IoT is the next big thing for Australian businesses

Vodafone launches its 2016 Barometer report

More than three quarters of Australian businesses believe that embracing the Internet of Things (IoT) is critical for success in their industry, according to Vodafone’s fourth annual IoT Barometer report.

Vodafone’s leading global survey measures business sentiment around innovation and investment in the Internet of Things, the term used to describe the evolution of a new generation of devices and processes using connected network intelligence to deliver advanced capabilities.

This year’s report is the first to include Australia.

IoT is the technology that will help power driverless cars, smart metering for gas and power and remote monitoring for homes and industry.

The survey was conducted by Circle Research in April and May 2016 and involved more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, The Netherlands, South Africa, South Korea, Spain, Turkey, the UAE, the UK and the USA.

In regards to Australian businesses, the 2016 Vodafone IoT Barometer Report found that:

  • 78% of Australian companies believe that IoT is critical for future success of organisations in their sector
  • 51% are planning to launch new connected solutions in the next 12 months
  • 76% believe that seeing real success and value from IoT requires significant financial and time investment
  • Only 47% have the processes in place to manage IoT security

“Across the world, IoT is becoming one of the most important areas in which businesses are investing,” said Vodafone Hutchison Australia Executive General Manager of Enterprise, Stuart Kelly.

“In Australia, we can see that same sentiment is strongly reflected, however the Barometer report shows that local businesses are lacking the expertise and confidence to properly embrace it. This is where we want to help.”

Globally, the 2016 Vodafone IoT Barometer Report found that:

  •  89% of companies investing in IoT have increased their budgets over the last 12 months
  • 76% of all companies interviewed believe that taking advantage of IoT technologies will be critical for the future success of any organisation
  •  63% of IoT adopters are seeing “significant” returns on investment, up from 59% in last year’s Report
  •  IoT investment now accounts for 24% of the average IT budget, on a par with cloud computing or data analytics

The Report also found that IoT technologies play a key role in mainstream business activities in an increasing number of companies. Highlights included:

  • 48% of companies interviewed are using IoT technologies to support large-scale business transformation, rising to 61% in the Asia-Pacific region
  • 52% of consumer electronics companies interviewed are using IoT technologies as the basis for a new generation of applications for connected homes
  • 46% of all companies interviewed said they intend to develop new IoT-based products and services over the next two years

“Three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever,” said Vodafone Group IoT Director, Erik Brenneis.

“Almost half the companies surveyed across multiple countries and sectors told us they’re already planning to bring connected network intelligence to millions of devices and processes over the next two years. 2016 is the year the Internet of Things entered the mainstream.”

You can find the report here.

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