Businesses are increasing their investment in and deployments of IoT devices, resulting in return on investment meeting and even exceeding expectations, according to Omdia’s Internet of Things (IoT) Enterprise Survey.

A total of 490 respondents were surveyed across nine countries (Australia, Brazil, China, France, Japan, Germany, South Korea, the U.K. and the U.S). Of the enterprises that have previously or are currently rolling out IoT solutions, more than 90% said the IoT projects pursued have met or exceeded expectations.

In addition, IoT was shown as being a more integral part of operations than ever before, with only 10% of respondents saying IoT tools came under specialist projects. 

Security, privacy and complexity continue to be the three greatest pain points for enterprises; with ensuring data network and device security the primary concern, followed by privacy and governance. IoT is a market on the rise, however, and as investment into these tools continues to rise, concerns over its shortcomings or pitfalls are gradually decreasing year over year. 

Despite ongoing economic instability, investment into IoT is staying strong, and the sector is going from strength to strength as companies prioritize accelerating the deployment of these solutions. 

5G was also found to be the primary support for IoT devices, with 66% of enterprises using or planning to use 5G connections, while 5G fixed wireless access was identified as a potentially game-changing advancement for those in remote locations. 

“Both IoT and 5G have been derided as overpromising and underdelivering,” said John Canali, IoT principal analyst at Omdia and author of the study, “yet the IoT market is still developing and 5G technology is still evolving. While sometimes outrageous proofs of concept are touted for headlines, our survey results are clear: enterprises are embracing IoT and 5G is emerging as the preferred type of connectivity.”    

Despite the current economic climate and uncertainty around inflation, Omdia believes that enterprises will increasingly look to IoT solutions to address emerging enterprise needs including managing their supply chain or meeting environmental, social and corporate governance goals (ESGs).