The Telecommunications Industry Association release its 20th annual “ICT Market Review & Forecast,” along with a survey and white paper examining enterprise use of the Internet of Things (IoT).
The “MR&F” reportedly shows that overall U.S. information and communications technology spending grew 5.7 percent in 2015, reaching a total of $1.45 trillion, driven by strong spending in high-growth markets.
TIA’s IoT survey is produced with Machina Research, and says that within two years more than 90 percent of companies will be using IoT technologies. Currently, nearly half (48 percent) of U.S. businesses are actively using IoT, and another 43 percent expect to deploy IoT solutions within the next 24 months, according to the research. In a white paper analyzing the survey results, TIA concludes that IoT is set to become a mainstream enterprise element by 2019.
The IoT white paper is available for download here.
Companies historically have focused on IoT as a tool for improving the bottom or top line – so the high level of interest in using IoT for product performance represents a significant shift in enterprise engagement, according to the research. The survey also finds that companies expect that, on average, 44 percent of IT budgets in 2020 will be dedicated to IoT development and maintenance.
When asked which functions are most likely to benefit from increased IoT adoption, companies identified operations applications (29 percent) above all others. Business intelligence and data analytics was also highly ranked (24 percent), followed by mobile apps (17 percent) and CRM (13 percent).