There’s a widely quoted statistic from Cisco that says 75% of completed IoT projects were not considered a success. It’s certainly surprising to hear given how much investment and energy companies are placing on IoT. What’s even more surprising is that in a recent study we conducted among operations business-decision makers we heard that 86% of industrial organizations are currently adopting IoT solutions and 84% believe those solutions are very or extremely effective.
Regardless of which stat you lean toward, it’s clear that adoption rates of Industrial IoT are increasing. Bsquare’s 2017 Annual IIoT Maturity Study, released this week, found that while industrial organizations are adopting IoT, many are just beginning to realize initial ROI. In fact, 71% of IIoT adopters surveyed have FEWER than 50% of their deployed devices connected and/or IIoT enabled.
At Bsquare we often talk about IoT adoption in terms of a maturity progression starting with device connectivity and working through data analytics and automation to enhancing on-board intelligence where the most ROI can be realized (this white paper provides a refreshed on each stage). The survey results validate that IIoT adoption is a maturity progression where companies realize increasing levels of benefit as they expand from basic machine connectivity to advanced approaches including analytics, automation, and edge computing.
In spite of high adoption rates, only 54% of all the devices deployed in the adopter organizations are IIoT technology-enabled, leaving ample opportunity for growth. Curious about how you stack up with the rest of your industry? Here’s a white paper that highlights our findings in more detail.