Enterprises report 92% positive ROI on IoT projects in 2024

A new report from IoT Analytics highlights the increasing success of IoT (Internet of Things) implementations. According to the “IoT Use Case Adoption Report 2024,” 92% of enterprises report a positive ROI from IoT use case projects, marking a growth of 13 percentage points since 2021.

The report, which spans 418 pages, reveals key insights pertaining to the adoption of IoT initiatives among enterprises. The number of IoT use cases adopted by enterprises increased by 53% between 2021 and 2024. This surge implies a broader acceptance and integration of IoT technologies in various sectors.

One significant aspect noted in the report is that complexities related to IoT use case adoption appear to be declining. This reduction in complexity seems to be a contributing factor to the growth in adoption rates and positive ROI. While enterprise investment in IoT use cases continues to grow in 2024, the pace of this investment is registering a slowdown compared to previous years.

IoT Analytics details the top 10 IoT use cases within the report, with process automation emerging as the most adopted IoT use case. Other prominent use cases include predictive maintenance, asset tracking, and remote operations, among others.

Dimitrios Paraskevopoulos, Senior Analyst at IoT Analytics, commented on the findings: "With 92% of IoT projects reporting a positive ROI and adoption still going strong, it's high time the discussions shift from 'whether IoT is failing' (hint: it isn't) to 'how can we leverage the technology to improve our operations/supply chain/products.'"

The report provides detailed information about the key performance indicators (KPIs) impacted by these IoT use cases, as well as examples of their implementation across various industries. This granularity is aimed at helping enterprises understand the potential benefits and practical applications of IoT technology.

The adoption of IoT technologies has seen a notable increase among enterprises, driven by the promise of improved operational efficiency, cost savings, and enhanced data analytics capabilities. This trend highlights the growing importance of IoT technology in modern enterprise environments.