76% companies think IoT is crucial for success

Almost half of companies want to develop their own IoT-based products over the next two years

A report by Vodafone has revealed that three-quarters of organisations think using the Internet of Things (IoT) is essential for success.

The report questioned more than a thousand companies around the world about how they view IoT technologies and how their organisations are using them. Almost half said they were using it to support their business transformation efforts, while 46 per cent said they want to develop IoT-based products in the future.

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Vodafone's fourth annual IoT Barometer Report also revealed that 89 per cent of companies have increased their IoT budgets over the last year, with investment now accounting for almost a quarter of IT budgets.

Those who are investing considerable sums of money in connected technologies, including driverless cars, smart metering for gas and power and remote monitoring for homes and industry are reporting 'considerable' return on investment - more so than the previous years of Vodafone's study.

"Three-quarters of the companies we interviewed now recognise that the Internet of Things is a new industrial revolution that will change how people work and live forever," Vodafone Group IoT Director Erik Brenneis said.

"Almost half the companies surveyed across multiple countries and sectors told us they're already planning to bring connected network intelligence to millions of devices and processes over the next two years. 2016 is the year the Internet of Things entered the mainstream."

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Companies embracing the IoT most were those involved in retail and transportation, although consumer electronics suppliers have upped their usage too, with more than half of companies in that sector reporting they had started using connected technologies in the last year.

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