Strategy Analytics: US Businesses Show IoT Investment Resilience, Despite Pandemic
BOSTON--(BUSINESS WIRE)--Sep 20, 2021--
Despite the adversity caused by the COVID-19 pandemic, grounds for optimism remain for IoT spending in the US, according to End User Research carried out by Strategy Analytics on the US IoT Market in Q2 and Q3 2021, in the report IoT Deployment and Adoption Trends 2021: United States
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Figure 1. Tech Used in IoT Solutions (Source: Strategy Analytics, Inc.)
The Strategy Analytics End User Research highlights some interesting trends that have shaped the IoT landscape:
- IoT spend as a portion of IT Spend was higher on average among US companies in 2020.
- 16% of ITDMs (IT Decision Makers) in the US will spend over $1M on IoT projects over the next year, rising to just under a quarter of ITDMs in a 1–2-year timeframe.
- US Short Term Operational Spending has increased ahead of strategic spending. More Spending is happening outside central IT Budget.
- Need for Asset Visibility sees deployments scaling, showing major growth in 2H 2021 and 2022.
- 5G and Wi-Fi6 will see Major Growth in IoT, according to US Businesses.
- Challenges Remain: Security, Managing large deployments, In-house Skills and Partnerships.
According to Andrew Brown, Executive Director of Enterprise and IoT Research at Strategy Analyticsand author of the report, “The US has weathered the pandemic storm as effectively as any major market, with higher average spending on IoT than a number of other major markets. Of course, business needs swung back towards short term planning and operational spending, with delays on strategic IoT planning as a direct result of the pandemic, but we see serious investment in 5G, which will have a massive impact on IoT environments in the US in the next 12 months and will be by far the most prominent technology added.”
David Kerr, Senior VP, Global Wireless Practice at Strategy Analytics, added,“Security remains the primary barrier to deploying IoT, while unpredictable costs and the challenge of managing IoT networks and devices (as deployments begin to scale) are concerns among US companies. Having the right skill sets that are needed to deploy IoT effectively is vital. US companies struggle with having the right in-house resources and have an acute need for partners who have the knowledge and experience to make a deployment effective and successful.”
Strategy Analytics interviewed more than 300 IT decision makers (ITDM) across 9 vertical markets across several markets, including the US. The survey identified trends, and the future direction enterprises plan to take, regarding their IoT strategy, deployments and investments.
For more information, click here for the report: IoT Deployment and Adoption Trends 2021: United States
About Strategy Analytics
Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Our multi-discipline capabilities include: industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in: smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20210920005648/en/
CONTACT: Report contacts:
European Contact: Andrew Brown, +44 (0) 1908 423 630,firstname.lastname@example.org
US Contact: David Kerr, +1 617 614 0720,email@example.com
Asia Pacific Contact: Gina Luk, +44(0) 1908 423 632,firstname.lastname@example.org
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY MOBILE/WIRELESS SOFTWARE NETWORKS INTERNET
SOURCE: Strategy Analytics
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PUB: 09/20/2021 10:57 AM/DISC: 09/20/2021 10:57 AM