Though forecasts indicate Internet of Things (IoT) endpoints will grow from 14.9 billion at the end of 2016 to more than 82 billion in 2025, a new study reveals that close to 75 percent of IoT projects are unsuccessful.
Despite the forward momentum predicted by global marketing firm IDC, a new Cisco study shows that 60 percent of IoT initiatives stall at the Proof of Concept stage and only 26 percent of companies have had an IoT initiative that they considered a complete success. Even worse: a third of all completed projects were not considered a success.
“It’s not for lack of trying,” said Rowan Trollope, senior vice president and general manager, IoT and Applications, Cisco. “But there are plenty of things we can do to get more projects out of pilot and to complete success, and that’s what we’re here in London to do.”
Cisco surveyed 1,845 IT and business decision-makers in the United States, UK, and India across a range of industries in order to gain insight into both the successes as well as the challenges that are impacting progress.
(Next page: 4 key findings around Internet of Things initiatives)