The Future of IoT: Insights from the Eseye 2024 State of IoT Adoption Report
The Eseye 2024 State of IoT Adoption Report offers a deep dive into the current landscape of IoT adoption, focusing on industries in the UK and the US. Drawing insights from 1,200 senior decision-makers overseeing global IoT projects, this report is the most extensive study by Eseye to date.
Key Adoption Trends and Growth Projections
The report showcases a robust IoT adoption trajectory, with 80% of organizations planning to expand their IoT initiatives in the next 18 months. A significant budget increase is expected, with 54% of businesses looking to boost IoT spending by 25-50%, indicating confidence in IoT’s transformative capabilities. In the UK, IoT revenue is predicted to hit US$19.63 billion in 2024 and rise to US$31.37 billion by 2029, while the US leads with an expected revenue of US$342.5 billion in 2024.
Top Benefits and Challenges
The primary business benefit from IoT adoption remains revenue growth, with 63% of respondents reporting increased revenue due to IoT implementations. Sustainability is emerging as a new advantage, with 57% of businesses citing IoT’s role in reducing carbon emissions and waste. However, security risks have overtaken connectivity issues as the top concern, with 50% of businesses experiencing IoT-related security breaches in the last year.
Emerging Trends: Sustainability, Edge Intelligence, and Security
Sustainability is a key focus in IoT development, with 94% of respondents prioritizing it in device design. The evolution of IoT devices towards enhanced on-device processing capabilities is also notable, with 80% of businesses seeking edge-based processing for faster data insights and reduced operational costs. Security remains a pressing issue, emphasizing the need for robust measures to protect critical operations and data.
The Future of IoT
An impending shift in the IoT landscape is the adoption of the SGP.32 standard for remote SIM provisioning, set to transform how businesses manage IoT connectivity. While 75% of respondents understand the implications of SGP.32, many will require managed service providers to navigate the transition effectively. The report unveils a dynamic IoT landscape with vast growth potential, driven by advancements in intelligence, sustainability, and the continuous quest to overcome security and connectivity challenges.