According to a new whitepaper research by Canonical called Defining IoT Business Models, IoT is ensuring a return on investment, representing big challenges for IoT professionals.
The commercial service provider report highlights that despite IoT security being a widespread focus, 53% of survey respondents believe that “quantifying return on investment (ROI) and providing a clear use case” is the most immediate IoT challenge, with 34% of IoT professionals believing that IoT should be their number one priority.
According to the report, the biggest immediate challenges faced by IoT professionals include:
- Quantifying ROI – 53%
- Device security and privacy – 45%
- Lack of IoT infrastructure – 40%
- Lack of budget/investment in IoT – 34%
- Ensuring integration with the wider ecosystem – 29%
- Device management/long-term support – 26%
- Resistance from within the organisation – 25%
- Ensuring regular updates are installed – 12%
Mike Bell, Employee Value Proposition (EVP) of IoT and Devices at Canonical, said, “The early internet of things was something of a gold rush, with vendors and developers jumping in to secure their share of an exciting and rapidly growing new market. Unfortunately, many of these businesses simply didn’t understand or evaluate how the IoT was going to deliver value – and apparently – the majority still don’t.
“As we move towards 2018, businesses are looking for new ways to ensure that their investments in the IoT are driving financial growth and that their business models will remain sustainable in the years to come.”
The report concludes that although IoT is valued over US$900billion, businesses still are not sure how to gain genuine business benefits or profit, with IoT professionals believing that they should be adopting more skills within the sector.
Written by Leah Alger
