At the Mobile World Congress going on in Barcelona, Spain, US-based IoT analytics company ParStream Inc., today released findings from an independent survey on the current state of Internet of Things (IoT) projects in the enterprise. Key findings indicated that IoT projects varied widely, but faced similar challenges related to the collection and analysis of the IoT data.
The survey conducted by Dimensional Research queried over 200 technology and business professionals responsible for IoT projects. The goal of the survey was to understand experiences and impacts of using the data captured by the devices that make up the Internet of Things and focused on the untapped potential of IoT data.
“The intersection of IoT and Big Data is creating tremendous business opportunity, but the reality of today’s projects is that this potential has yet to be fully tapped,” said Diane Hagglund, principal at Dimensional Research. “The research goal was to understand the experience and impact, from the IoT stakeholder point of view, of using the data generated by the devices that make up the Internet of Things.”
Respondents were split nearly down the middle in classifying their IoT project. While 53 percent described the goal as optimising existing business — increasing employee productivity, improving customer experience or reducing operation costs, for example — just under half characterised their IoT project as a “strategic business investment”.
Summary of key findings:
- 53 percent are using IoT projects to optimize existing businesses and 47 percent as a strategic business investment
- Target audiences for IoT solutions include consumers (42 percent), business (54 percent) and internal use by employees (51 percent)
- 96 percent have faced challenges with their IoT projects
IoT is not delivering full potential because of data challenges
- Only 8 percent are fully capturing and analyzing IoT data in a timely fashion
- 86 percent of stakeholders in business roles say data is important to their IoT project
- 94 percent face challenges collecting and analyzing IoT data
Better IoT data collection and analysis would deliver more value.
- 70 percent say they would make better, more meaningful decisions with improved data
- 86 percent report that faster and more flexible analytics would increase the ROI of their IoT investments
“The research points to ongoing challenges in IoT projects, but also the potential of better analytics to increase ROI,” said ParStream CEO Peter Jensen. “While a massive amount of data is being produced by IoT devices and applications, improving the speed and flexibility of data capture and analytics would help to identify actionable outcomes more quickly and thereby invigorate IoT projects.”
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Graphic: ParStream
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