Mar 24, 2020
Key IoT Stats from Beecham Research 2020 Report
Recently, Beecham Research put out a report on Why IoT Projects Fail. This report focuses on IoT projects and feedback from the market about project failures. The report also provides insights on what key components are helping projects succeed. Based on the IoT stats, it is clear that industry projects are advancing and scaling and the future is very bright.
The term IoT (Internet of Things) is now widely recognized, and activity in the IoT market to develop and install solutions has grown exponentially over the last decade. However, even with the prevalence of IoT projects and developments over the past 10 years, there are still many projects that are unsuccessful. The failure rate for IoT projects is higher than it should be and one of the major reasons why is due to connectivity issues and integration.
OptConnect has long been focused on simplifying connectivity for IoT projects so that companies can focus on the aspects of their project that they are experts in and allowing us to manage their connectivity which is one of the major complexities that causes many companies to fail in their IoT rollout.
Beecham IoT Stats
Stat: 28% of respondents feel that they have not found the right IoT solution
Impact: With so many IoT solutions on the market, it can be overwhelming for a business owner to find the solution that best fits them. How do you know what to even look for in a solution? The best way to determine which solution is right for you is to make a list of your top pain points. These are points that you can then take to a solution provider and ask them specifically how their product/service can combat them.
Stat: 94% of businesses will be using IoT by the end of 2021
Impact: These IoT stats mean that nearly ALL businesses will be using some form of IoT by the end of 2021. That means that there is going to be a lot of devices and machines connected to the internet for one reason or another. If your business has considered using IoT and has not already converted over, you’ll want to seriously consider looking into an IoT solution provider. If you want to know what considerations should be on your mind regarding the connectivity piece of your next IoT project, you can get more info on that here with our recent blog post.
Stat: 67% of respondents said that having sufficient technical resources was very important to the success of an IoT project
Impact: IoT can sometimes be a very technical concept depending on the solution. That's why it's important to have the right technical support in your corner. Any great IoT connectivity solution will have 24/7 technical support that you can call day or night. IoT is highly dependent on a stable internet connection, so in the event that it goes down, you'll need to have the right resources and team on your side to make sure your downtime is minimized.
Stat: Top 3 Benefits Cited by IoT Adopters
1) Reduced operating costs
2) Better collection of accurate data/insights
3) Improved employee productivity
Impact: Ultimately, the report found that IoT brought with it many great benefits for business owners, with the top three including reducing operating costs, better collection of accurate data/insights, and improved employee productivity, This is because some IoT solutions bundle their services for a lower cost than what you may be outsourcing now. The better collection of data is due to the internet connection that is able to transfer data to and from devices/platforms. Last but not least, employee productivity can increase due to the data that is communicated and analyzed to reduce downtime, anticipate maintenance, provide better customer experiences, and much more.
If your company is looking for a trusted source of managing the connectivity for your next IoT project, you can count on OptConnect to provide the expertise, management, and reliability you will need to succeed. With OpEx and CapEx models available and 10+ years of success, we have the products, the management tools, and customer support to increase the success rate of your project.
To learn more about OptConnect’s managed solutions, please visit www.optconnect.com.