Tapping IoT’s Bounty, Navigating Its Challenges

IoT business

1 - Tapping IoT's Benefits, Navigating Its ChallengesTapping 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.

2 - IoT Offerings Help Companies Distinguish ThemselvesIoT 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.

3 - Expanding HorizonsExpanding 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.

4 - Customer ServiceCustomer 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.

5 - IoT Security and PrivacyIoT 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.

6 - IoT and Data SecurityIoT 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.

7 - Need for StandardsNeed for Standards

Only 28% of respondents highly prioritize the development of standards to facilitate integration.

8 - Forward-ThinkingForward-Thinking

51% said their organizations are storing data captured by IoT-enabled connected products for future use.

9 - Collective CategorizationCollective Categorization

34% said they are using IoT-enabled connected product data to profile and segment customers.

10 - Decision-MakingDecision-Making

Only 29% said they are using IoT-enabled products to leverage captured data to make decisions in real time.

11 - Connectivity IssuesConnectivity 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.

12 - Elusive InsightsElusive Insights

While 70% said analytics capabilities play an important role for their IoT-enabled products, 60% said this is a challenge.

13 - IoT ComplexityIoT 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.”

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