Strong Business Cases Attract Enterprises to Adopt IoT More Broadly; Deployment Challenges Remain
TAMPA, Fla.–(BUSINESS WIRE)–#IoT—Syniverse, the world’s most connected company, today announced the findings of research conducted by Omdia into the concerns and opportunities seen by enterprises around internet of things (IoT) implementation. Most companies see strong business drivers to adopt IoT as part of a broader digital transformation process. Improved efficiency and productivity, improved product/service quality, and improved customer retention and experience ranked highest as objectives. Implementation concerns, particularly around security, remain.
The study was conducted across 200 enterprise executives in North America and Europe in several key vertical industries already using or in the process of deploying IoT, including financial services, retail, manufacturing, healthcare and hospitality.
Security concerns drive IoT deployments toward private networks
With 50% of respondents identifying data, network, and device security as the biggest challenge to IoT adoption, the insights from “Connected Everything: Taking the I out of IoT,” reinforce the trend of enterprises moving more away from the public internet, as concerns such as malware and data theft and leakage increase. The survey also revealed that IoT security is creating an adoption lag, with 86% of enterprises reporting that IoT deployments have been delayed or constrained due to security concerns.
Indeed, when asked about how IoT security concerns are being tackled, 50% of respondents cited putting IoT devices on their own private networks. Regardless of their motivation, 97% are either considering, or currently using, a private network for their IoT deployments.
The need for specialist support
Of those surveyed, 50% of enterprises report they do not have dedicated teams, processes or policies for IoT cybersecurity. Budgets for security are significant, with 54% of respondents spending 20% or higher of their IoT budget on security. This indicates significant reliance on IoT providers for both solutions and guidance in this area, with 83% of enterprises stating the ability to provide proven integrated IoT security solutions is essential or very important to them when choosing an IoT supplier.
The research also identified integration as a top issue, following only security concerns as the biggest challenges to IoT adoption in the enterprise:
- 44% stated integration with legacy IT and networks; and
- 40% cited integration with business processes.
Since security ranks high on the list of enterprises’ IoT concerns, providing technical solutions, consulting services and transparent approaches to IoT security will be key if enterprises are to more fully embrace IoT.
Priorities vary by industry
Different verticals perceive different challenges with IoT, so providers need to gear their support to these areas in a more customized way.
On being asked which IoT applications are being deployed now, connected security dominates across the board at enterprises with 70% adoption. Other common IoT applications already being deployed are worker and workplace safety applications and remote payment terminals, depending on the industry.
- 81% of financial services enterprises are adopting remote payment terminals, against 71% adopting connected security.
- In manufacturing, worker and workplace safety sits alongside connected security with both adopted by 66% of enterprises.
- Retail and hospitality leaders cite smart building systems as the third highest adopted technology at 59%; adoption of these solutions falls to just 34% in healthcare.
Expansion into other uses cases such as asset monitoring, smart building and energy management applications, and predictive maintenance are being widely considered for future deployment.
Representatives from Syniverse and IoT Now will host a live webinar at 11 a.m. (EDT) on June 4 and will highlight findings of this study, explore industry focused IoT use cases, and take questions from the audience. To learn more about the webinar, go here.
To download the full research report, “Connected Everything: Taking the I out of IoT,” go here.
CLICK TO TWEET: New research from @Syniverse & @Omdia show strong business cases attract #enterprises to adopt #IoT more broadly; deployment challenges remain. #syniverse #private networks. https://bit.ly/34CGwsc
Alexandra Rehak, Head of IoT Practice, Omdia
“Cleary there is strong demand to expand the use of IoT solutions in enterprises. But to realize this potential, enterprises need fully secure, easy-to-deploy and highly flexible ways to support integrating IoT into their businesses and processes. Syniverse and Omdia see a growing role for expert third-party suppliers to help businesses tap into the opportunities available through greater global IoT connectivity.”
Bill Hurley, Chief Marketing Officer, Syniverse
“The increasing adoption of IoT across enterprises is not without its challenges, however, experience, network reach, and technology expertise can be instrumental in addressing enterprises’ concerns. For example, the use of private networks to avoid the inherent risks of the public internet is a viable but technically complex approach, The Syniverse IoT study with Omdia shows that companies are eager to adopt and realize the economic and productivity benefits but understand they can’t go it alone in their deployments.”
- [Graphic] Statistic graphic
- [Photo] Bill Hurley
- [Image] Syniverse logo
- [Photo] Alexandra Rehak
- [Image] Omdia logo
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Omdia is a global technology research powerhouse, established following the merger of the research division of Informa Tech (Ovum, Heavy Reading and Tractica) and the acquired IHS Markit technology research portfolio.*
We combine the expertise of more than 400 analysts across the entire technology spectrum covering 150 markets and publish over 3,000 research reports annually, reaching over 14,000 subscribers, and covering thousands of technology, media and telecommunications companies.
Our exhaustive intelligence and deep technology expertise allow us to uncover actionable insights that help our customers connect the dots in today’s constantly-evolving technology environment and empower them to improve their businesses – today and tomorrow.
More information is available at: omdia.com. Omdia is brought to you by Informa Tech.
*The majority of IHS Markit technology research products and solutions were acquired by Informa in August 2019 and are now part of Omdia.
Syniverse is the world’s most connected company, revolutionizing how businesses connect, engage, and exchange with their customers. For decades, we’ve delivered the innovative software and services that transform mobile experiences and power the planet. Our secure global network reaches almost every person and device on Earth. Our communications platform is industry-recognized as the best of its kind. And each year, we process over $35 billion in transactions, revolutionizing how goods and services are exchanged. Which is why the most recognizable brands—nearly every mobile communications provider, the largest global banks, the world’s biggest tech companies, and thousands more—rely on us to shape their future.
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