Technique Analytics: US Companies Present IoT Funding Resilience, Regardless of Pandemic
BOSTON–(BUSINESS WIRE) – Despite the adversity caused by the COVID-19 pandemic, US IoT spending remains bullish, according to end user research that Strategy Analytics conducted in the second and third quarters of 2021 of Strategy Analytics in the IoT report Deployment and adoption trends 2021: USA
The Strategy Analytics End User Research highlights some interesting trends that have shaped the IoT landscape:
The share of IoT spending in IT spending was higher on average for US companies in 2020.
16% of ITDMs (IT Decision Makers) in the US will spend over $ 1 million on IoT projects in the next year, increasing to just under a quarter of ITDMs in a period of 1-2 years.
US short-term operating expenses increased before strategic expenses. More expenditures are made outside of the central IT budget.
Need for Asset Visibility sees deployments scaling and strong growth in the 2nd half of 2021 and 2022.
5G and Wi-Fi6 will see huge growth in IoT, according to US companies.
Challenges remain: security, managing large deployments, in-house capabilities, and partnerships.
According to Andrew Brown, Executive Director of Enterprise and IoT Research at Strategy Analytics and author of the report, “The US weathered the pandemic storm as well as any other large market, with higher average spending on IoT than a number of other large markets. Of course, business needs have moved back towards short-term planning and operational spending, with delays in strategic IoT planning as a direct result of the pandemic, but we are seeing serious investments in 5G that will have a massive impact on the IoT environments in the US in the next 12 months and will be by far the most prominent technology to be added. “
David Kerr, Senior VP, Global Wireless Practice at Strategy Analytics added: “Security remains the primary obstacle to deploying IoT, while unpredictable costs and the challenge of managing IoT networks and devices (as deployments begin to scale) are concerns for US businesses. Having the right skills required to effectively deploy the IoT is critical. US companies are struggling with the right internal resources and desperately need partners who have the knowledge and experience to make a deployment effective and successful. “
Strategy Analytics surveyed 300+ IT Decision Makers (ITDM) in 9 vertical markets in multiple markets including the US. The survey identified trends and the future direction companies plan for their IoT strategy, implementations and investments.
For more information, click here for the report: IoT Deployment and Adoption Trends 2021: United States
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