According to a new report by Oracle, 64% of enterprise Internet of Things (IoT) decision-makers would opt for an “off-the-shelf” IoT solution over a custom-built offering, indicating a market shift in the way enterprises are viewing IoT adoption. This also speaks to the increasing demand for an easy route to IoT capabilities that enable rapid delivery. Forty-two percent of respondents’ projects were completed (or expected to be completed) in under 6 months and 88% in under 1 year.
Another key highlight from the report is that almost 90% of projects were described by the respondents as “fundamental” or “very important” to their core business, and just over half of all projects are visible to their customers. This datapoint is noteworthy because it indicates IoT adopters have moved on from so-called “low-hanging fruit” projects to business-critical systems. These technologies are maturing and filtering into the mass market, suggesting we will see more of a widespread impact from enterprise IoT adoption.
Oracle’s report reveals an evolution of priorities in enterprise IoT adoption across industries. Overall, the report shows that enterprise IoT adoption is heading into a new phase, and IoT decision-makers are looking for bundled and commercial off-the-shelf solutions, with data analytics to generate actionable insights to improve key business functions.
The data generated also shows how enterprises across industries are approaching IoT deployment and offers key takeaways for IoT decision-makers. This research uncovered a shift in IoT adoption, in that enterprises no longer seek custom offerings for each use case, but rather want the fastest and easiest path to value. Enterprises are investing in the form of ready-made IoT solutions with connectivity and analytics capabilities built-in. According to the survey, 75% of respondents want connectivity to be “baked-in” or bundled by the solution provider, and 25% are happy for it to not even be a visible component to them. For projects in the planning phase, that trend is even more pronounced, implying bundled IoT will likely be more common in the near future.
The 800 survey respondents represent some of the most sophisticated deployers and deployments of IoT, based on requirements to integrate IoT data from one of a set of pre-defined advanced use cases. As such, the perspectives and opinions shown in these results can be considered the cutting edge of IoT, illustrating trends that we can expect to become standard practice in the market over the coming few years.
Read the full report by Oracle.