New Eseye Research Highlights Importance of IoT in Tackling the Global Economic Downturn

Eseye

Eseye’s second annual State of IoT Adoption Survey reveals how IoT estates are set to surge from 2022 to 2024 with organizations citing operational efficiencies and cost reduction as key benefits to mitigate the impact of the economic downturn and spiraling energy and business costs.

Eseye, a pioneer of leading-edge IoT device and connectivity solutions, has unveiled findings from its second annual State of IoT Adoption Survey 2022, highlighting that IoT success is fuelling further expansion. Over three quarters (78%) of survey respondents expect to increase the number of devices in their IoT estates in the next 18 months and larger IoT estates anticipate the strongest growth, with 95% expecting IoT estates of 100,000+ devices to expand further, despite global economic downturn.

Additionally, 76% of respondents said they are prioritizing IoT in their business in the next 18 months, in an effort to reduce costs and increase operational efficiencies. However, the research revealed a profound change in the benefits derived from IoT in the last 12 months compared to last year’s report.

Nearly 9 in 10 (86%) of respondents, this year, were more focused on operational efficiencies, reducing costs, and increasing revenue and profit; turning to IoT for stability. This is markedly different from the benefits in 2021, where respondents were perceiving that IoT was delivering a competitive advantage. This is potentially a response to the looming economic downturn and worsening geopolitical environment, with organizations prioritizing exploiting current assets using IoT to ensure the business is prepared for worsening economic conditions.

In line with this renewed focus, budgets have increased for the second year running, with 96% of respondents saying they plan to increase budgets in the next two years compared to 89% in 2021. 51% of respondents say they plan to boost spending by between 51% and 100%, compared to 44% of organizations in 2021.

It is clear that IoT is seen as a sound investment that should remain a priority even when finances are under pressure. The fact that businesses are forging ahead with projects, despite uncertain economic factors, is one of the strongest indicators that IoT is starting to realise its potential. No longer a ‘nice to have’, our research found that IoT is fundamental to business cases and the foundation for future performance across all sectors and industries surveyed.”

Nick Earle, CEO, Eseye

The study was undertaken by an independent research organization, Opinion Matters, among 500 UK and USA-based senior decision-makers and implementers of IoT strategy in five vertical markets. It explores the impact that external pressures have on investment and demand and the overall success of IoT initiatives, as well as the opportunities and challenges facing organizations adopting IoT.

IoT has experienced several false starts in the past decade, but this survey showed that IoT has finally come of age. In fact, nearly two-thirds of survey respondents (64%) stated that IoT is either mature or reaching maturity or that adoption is growing significantly with organizations looking at multiple projects.

Other key IoT adoption findings include:

  • 81% of respondents said they have used managed or professional services for initial deployments or ongoing management.
  • 31% of respondents said support with professional services would make future IoT initiatives more successful.
  • 36% said Private 5G/LTE access is the number 1 technology driver. This jumped from fourth to first place in the last year.
  • 32% said a single platform for all IoT connectivity would make future IoT initiatives more successful.

In last year’s survey, respondents cited challenges with device security, hardware design, device onboarding and testing, and certification. This year these challenges persist, with the security of device and environment the third most pressing challenge (22%), followed by device onboarding (21%), alongside hardware design (20%). These complex IoT deployments have seen demand for professional and managed services soar with 81% of respondents saying they have used them for either initial deployments or ongoing management.

IoT projects are clearly maturing and are fundamental to helping organizations navigate the volatile economic environment we find ourselves in. Clearly, the increased investment in budgets demonstrates how organizations are prioritizing IoT. Nevertheless, persistent challenges remain around IoT hardware design, device security, and also the need for more commercial flexibility from a single platform for IoT connectivity. This is where our Infinity IoT Platform is a real game changer.

Nick Earle, CEO, Eseye

Eseye’s Infinity IoT Platform™, launched earlier in the year, delivers a single, customizable, and scalable network for organizational global IoT deployments. The platform ensures organizations can deploy and secure virtually any type of IoT device globally, to any network with confidence, and solves the problems of carrier lock-in, connectivity, and security in a single solution.

The platform was recently recognized in the prestigious Juniper Research Future Digital Smart Cities & IoT Innovation Awards, where it won ‘Best IoT Security Platform (Platinum), and Eseye’s AnyNet+ eSIM solution was recognized by Kaleido Intelligence with Eseye named as a champion connectivity cellular IoT provider.

If you are interested in reading the full results from Eseye’s Second Annual State of IoT Adoption Report, please click here to download the report.

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Eseye
Eseye
Eseye empowers businesses to embrace IoT without limits. We deliver innovative IoT cellular connectivity solutions that help our customers drive up business value, deploy differentiated experiences and disrupt their markets.
Eseye empowers businesses to embrace IoT without limits. We deliver innovative IoT cellular connectivity solutions that help our customers drive up business value, deploy differentiated experiences and disrupt their markets.