What do 50+ companies deploying connected devices think are the obstacles to IoT growth? This industry survey highlights the key to delivering ambitious growth expectations for connected devices.
DevicePilot recently surveyed fifty IoT companies taking connected products to market, across many different industry sectors (“verticals”) including Environmental monitoring, Elderly care/Wellness, Smart Home, Energy management, Industrial monitoring, Refrigeration, Retail, Public services and Smart City.
Respondents were mainly CxOs in companies which range from established players with millions of devices already deployed to new startups with ambitious growth plans.
The survey uncovered many interesting facts, including:
- 61% of companies anticipate 10x growth over the coming year
- 70% estimate their addressable market to be in the millions of devices – and 9% in the billions
- The most common business model is a combination of up-front fee plus ongoing service fee
- Only 18% of companies describe their device management as “highly automated and slick”
- The biggest perceived risk of not managing devices well is risk to the growth of the company
- 86% of companies say that as far as managing devices is concerned, they’re either already in trouble, or expect to be within 12 months
As the Internet of Things matures, expectations of service quality are rapidly increasing, making it increasingly important to have an accurate picture of how those devices are performing.