The 2016 Vodafone IoT Barometer report said 89 percent of companies investing in IoT have increased their budgets over the last 12 months.
76 percent believes that taking advantage of IoT technologies will be critical for the future success of any organization.
63 percent of IoT adopters are seeing significant returns on investment, up from 59 percent in last year’s Report.
IoT investment now accounts for 24 percent of the average IT budget, on a par with cloud computing or data analytics.
Earlier, Ericsson Mobility Report said that IoT will overtake mobile phones in 2018
The 2016 Vodafone IoT Barometer report said that IoT technologies play a key role in mainstream business activities in an increasing number of companies.
48 percent of companies are using IoT technologies to support large-scale business transformation, rising to 61 percent in the Asia Pacific region.
52 percent of consumer electronics companies are using IoT technologies as the basis for a new generation of applications for connected homes.
46 percent intends to develop new IoT-based products and services over the next two years.
Vodafone Group IoT Director Erik Brenneis said: “Three-quarters of the companies we interviewed now recognize that the Internet of Things is a new industrial revolution that will change how people work and live forever.”
The survey on IoT was conducted by Circle Research in April and May 2016 and involved more than 1,096 companies across Australia, Brazil, Canada, China, Germany, India, Ireland, Italy, Japan, The Netherlands, South Africa, South Korea, Spain, Turkey, the UAE, the UK and the USA, said Vodafone in a statement.