The IoTUK Survey 2018 Report
Key Takeaways from the IoTUK Survey Report
The Internet of Things (IoT) is moving beyond hype to practical deployments that solve real-world problems.
Digital Catapult, on behalf of the IoTUK programme has conducted a survey of businesses involved in the IoT to get insights into the markets. This report explores our findings.
IoT is being used in a variety of use cases across multiple industries in the UK and UK enterprises are open to doing business with SMEs. Projects are delivering tangible benefits such as improving operational efficiencies and reducing costs, as well as less tangible rewards such as increasing revenues from existing and new products and improving people’s lives. SMEs plan to invest in a number of different areas in order to enhance their solution and expand their product line.
However, there are still difficulties to be overcome in getting IoT projects off the ground. SMEs with IoT products and solutions are struggling to recruit staff with the right technical skills; enterprises point to security issues as a barrier to adoption. The financial hurdles are considerable as SMEs and enterprises alike must justify the cost, rationalise the return on investment (ROI) and prove the value of each project, which will in all likelihood be competing for budget with other proposed expenditure.
At the same time, like any young and growing company, IoT SMEs face a raft of challenges related to scaling their business, from operational issues to managing cash flow and finding routes to market.
Read the report for insight into the benefits and challenges of IoT – from the perspective of those in the know.