Bsquare study: 86% of industrial organizations have adopted IoT
Nov. 9, 2017 - Bsquare, a provider of Industrial Internet of Things (IIoT) solutions, has released the findings from its first annual IIoT Maturity Study, which explores the current IoT adoption progress of business buyers in manufacturing, transportation, and oil and gas.
According to the 2017 study, 86 per cent of industrial organizations are currently adopting IoT solutions and 84 per cent believe those solutions are very or extremely effective. In addition, 95 per cent believe that IoT has a significant or tremendous impact on their industry. However, the study also shows that most IIoT investments are focused on connectivity (78 per cent) and data visualization (83 per cent). In addition, only 48 per cent are doing advanced analytics on that data and only a small number (28 per cent) are automating the application of insights derived from analytics.
“Our study shows that while industrial organizations have enthusiastically adopted IIoT, a majority have not yet moved to more advanced analytics-driven orchestration of data insights,” said Kevin Walsh, vice president of marketing at Bsquare. “These later stages of IIoT maturity — analytics, orchestration and true edge computing — tend to be where most of the ROI is realized. This is especially important because, according to our study, the number one reason cited for IIoT adoption is cost reduction.”
The IoT Maturity Index outlines the stages commonly associated with Industrial IoT technology adoption, including: 1) Device Connectivity – on-board logic to collect data and transmit to Cloud databases, 2) Data Monitoring – dashboard and visualization tools to monitor real-time data, 3) Data Analytics – machine learning and complex analytics used to develop device models and insight, 4) Automation – development and execution of logic rules that automate business activities and device configuration, and 5) Edge Computing – distribution of analytics and orchestration to the device level.
Below is the survey infographic from the 2017 Annual IIoT Maturity Study.