“In the next century, planet earth will don an electronic skin.
It will use the Internet as a scaffold to support and transmit its sensations.” – Neil Gross 1999
From a recent survey of 1135 US SMBs conducted by Techaisle to understand IoT adoption trends, it has emerged that only 10% of small businesses have currently adopted IoT compared to 29% midmarket businesses. Similarly, only 22% SMBs are planning IoT adoption initiatives compared to 54% midmarket companies.
From these statistics, it is evident that most SMBs are wary of entering the IoT fold. A relatively recent entrant on the IT stage, the Internet of Things (IoT) has already shaken the foundations of computing and IT as we know it.
What is IoT?
When most companies are talking fervently about harnessing the power of IoT, it is important to understand the concept behind it.
IoT is the intimate network of connections between physical devices, buildings, items, or anything that is embedded with electronics and sensors that allows storage and exchange of data between them. In short, it is an ecosystem of connected physical ‘things’ that can be accessed and given commands using the internet. The most common examples being Amazon’s Echo, Fitbit, Samsung SmartThings Hub, etc.
SMB IoT Adoption
While several large and medium enterprises have already implemented IoT initiatives, SMBs are slow to follow, mostly due to constraints in the budget, feasibility, and other factors. The infographic below explains the opportunities, benefits, and barriers to adopting IoT as listed by the surveyed SMBs.