Defining IoT business models

With a current market valuation of over $900bn, both manufacturers and those looking to adopt IoT solutions are well aware of the potential of IoT. However, in trying to leverage this potential, many business are still grappling with how IoT can benefit their business and the best approach to get started with their IoT initiative.

Cannonical recently commissioned a survey to examine exactly these questions. It looked at the views, opinions and experiences of 361 IoT professionals regarding past, present and future IoT projects.

Businesses see massive opportunities in IoT, but are also aware of significant challenges. Perceived benefits include reduced operating expenditure, greater insight into business operations, better quality of life and reduced capex. However, there are a number of hurdles that the same businesses face in terms of monetising the IoT. These include quantifying ROI, device security and privacy, lack of infrastructure and budget, integration with the wider IoT ecosystem, resistance from within the organisation and the procurement of regular updates.

View the full survey results below.