Cos spending quarter of IT spend on Internet of Things: Report

Companies are investing 24 per cent of their average IT budget on Internet of Things (IoT), on par with cloud computing or data analytics, according to a report by British telecom major Vodafone.
IoT is a network of physical objects and equipment with sensors that are connected and can exchange data to deliver advanced capabilities.
The report noted that 89 per cent of firms investing in IoT have increased their budgets over the last 12 months.
Vodafone's fourth annual 'IoT Barometer' report is a global survey involving more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, Netherlands, South Africa, South Korea, Spain, Turkey, UAE, UK and US.

It said IoT technologies will be critical for the future success of any organisation. Almost 63 per cent of IoT adopters are seeing significant returns on investment.
The report observed that 46 per cent of the companies surveyed intend to develop new IoT-based products and services over the next two years.
The study found that more than half, or 52 per cent of consumer electronics companies, are using IoT technologies as the basis for a new generation of applications for connected homes.