IoT business
Tapping IoT’s Benefits, Navigating Its Challenges
IoT-enabled offerings are helping connected product companies differentiate themselves, but the market is highly complex and capitalizing on the data collected is crucial.
IoT Offerings Help Companies Distinguish Themselves
62% of respondents said their company is driven to create IoT-enabled connected products in large part because such efforts bring competitive differentiation.
Expanding Horizons
61% cited the need to enable new product monitoring features as a key IoT product-creation driver, and the same percentage cited the expansion of revenue opportunities from new products and services.
Customer Service
53% said their organizations are highly driven to get involved with IoT product creation to enhance customer service and support, and 50% said they’re seeking to improve or personalize customer experiences.
IoT Security and Privacy
44% said they highly prioritize user data privacy/security in their connected products, and 41% highly prioritize the collection of data captured by these devices.
IoT and Data Security
Nearly two-thirds (64%) of respondents said data and device security will be most important for their companies’ IoT-enabled connected products in the next year or two.
Need for Standards
Only 28% of respondents highly prioritize the development of standards to facilitate integration.
Forward-Thinking
51% said their organizations are storing data captured by IoT-enabled connected products for future use.
Collective Categorization
34% said they are using IoT-enabled connected product data to profile and segment customers.
Decision-Making
Only 29% said they are using IoT-enabled products to leverage captured data to make decisions in real time.
Connectivity Issues
A full 70% said that connectivity capabilities are important for their IoT-enabled products, but 61% admit that it’s challenging to deliver this.
Elusive Insights
While 70% said analytics capabilities play an important role for their IoT-enabled products, 60% said this is a challenge.
IoT Complexity
IoT-enabled products are complex: 43% cited IoT complexity as a challenge. Meanwhile, 41% said that managing these devices and capabilities at scale poses challenges “as it requires the proper infrastructure and resources that many businesses are not properly equipped for.”