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M&D Mini Series: IoT Adoption is Slow, but Awareness is Increasing

IoT spending will increase at a compound annual growth rate of at least 20 percent through 2020, with manufacturing accounting for the greatest demand. But less than 10 percent of survey respondents are already using IoT. One possible reason for the low adoption rate is a lack of awareness among organizations.

Larger manufacturers typically have bigger budgets and are willing to accept more risk. However, many small and midsize manufacturers may not realize their current IT systems are IoT-ready. “Most ERP systems already have gateways to receive information from sensors installed in equipment,” says Evert Bos, an ERP consultant at Sikich.

Within the next year, expect more small and midsize manufacturers to adopt IoT technologies as they become more educated about its potential benefits, Bos says. “With the proliferation of the cloud, we’ll see this catch up with all companies, regardless of size.”

Learn more about IoT Adoption and what it means for your business through our Sikich M&D Report.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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