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28 Nov 2022

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Experts Predict that the Internet of Things Will Make up for some Economic Declines

From the financial markets for the past year, it's clear that there are enormous problems facing the world economy. This is made all the worse by recent spikes in inflation from rationing and war, threatening to ruin millions of people's lives.

However, the pandemic has highlighted for many enterprises how IoT can help them to support operations in the most uncertain times. With the future still uncertain, many business leaders are looking to increase their investments in IoT.

76 percent of respondents in the Eseye's full 2022 State of IoT Adoption said they plan to invest in IoT to reduce costs and improve operational efficiency in the next 18 months.

More than three-quarters (78%) of survey respondents anticipate adding IoT devices in the next 18 months. For large IoT adopters with 100,000+ devices, that number rises to 95 percent.

According to Nick Earle, CEO of Eseye: "It is clear that IoT is seen as a sound investment that should remain a priority even when finances are under pressure. The fact that businesses are forging ahead with projects, despite uncertain economic factors, is one of the strongest indicators that IoT is starting to realize its potential."

"No longer a 'nice to have,' our research found that IoT is fundamental to business cases and the foundation for future performance across all sectors and industries surveyed."

The majority of respondents in this year's survey (86%) indicated they wanted to focus more on reducing costs, increasing revenue, and operational efficiencies. Last year, most respondents to our survey cited a competitive advantage as the main thing for investing in IoT.

Businesses continue to invest in the Internet of Things despite the slowdown in the economy. Compared to 89% of respondents planning to increase their budgets in 2021, 96% plan to increase their spending in the next two years, while 51% plan to increase it by 51% to 100%.

All these changes have come from a prevailing feeling that the Internet of Things has matured past the rampant overhype in what Gartner might refer to as the Plateau of Productivity. Here, the criteria for determining which IoT providers are viable are clearer, mainstream adoption is evident, and IoT's broad market applicability is proven to pay off.

More than two-thirds of the survey's respondents (64%) stated that the Internet of Things (IoT) is either maturing, becoming mature, or adoption is growing considerably. Organizations are looking at IoT in more than one area.

"IoT projects are maturing and are fundamental to helping organizations navigate the volatile economic environment we find ourselves in. The increased investment in budgets demonstrates how organizations prioritize IoT. "Earle added.

Also Read: Izuma Networks Takes over Pelion's Device Management Arm

Check Here to register and view Eseye's full State of IoT Adoption report for 2022

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