IoT technology now vital for business success

(Image credit: Shutterstock) (Image credit: Shutterstock)

IoT technology is set to have an increasingly vital effect on business success as the world around us becomes smarter and more connected, new research has said,

The latest Internet of Things Barometer study from Vodafone found that the technology is playing a key role in digital transformation efforts for a majority of companies.

Surveying 1,758 businesses across the world, the study found that more than a third (34 percent) of businesses are now using IoT technology as possible use cases appear every day, and 83 percent saying they are expanding their deployment based on encouraging initial results.

Almost all of these (95 percent) say that they are seeing a benefit from using IoT technology, with nearly three-quarters (72 percent) saying their digital transformation would be impossible without it, and eight percent saying their entire business depends on the technology.

IoT disruption

IoT technology is not done yet, however, with many of the respondents indicating that the technology has either caused, or is set to cause, major disruption in their industry. Overall, sixty per cent of businesses that use IoT agree that it has either completely disrupted their industry or will do so in the next five years.

“IoT is central to business success in an increasingly digitised world, with 72 percent of adopters saying digital transformation is impossible without it," said Stefano Gastaut, CEO IoT, Vodafone Business. 

"The good news is that IoT platforms make the technology easier to deploy for businesses of all sizes and NB-IoT and 5G will improve services and potential. In this climate, companies need to be considering not if but how they will implement IoT, and they must also be fully committed to the technology to realise the strongest benefit.”

Mike Moore
Deputy Editor, TechRadar Pro

Mike Moore is Deputy Editor at TechRadar Pro. He has worked as a B2B and B2C tech journalist for nearly a decade, including at one of the UK's leading national newspapers and fellow Future title ITProPortal, and when he's not keeping track of all the latest enterprise and workplace trends, can most likely be found watching, following or taking part in some kind of sport.