Security News > 2021 > October > IoT investment to overtake other Industry 4.0 tech in the near future

Investment in IoT is set to overtake cloud computing, next generation security, big data analytics and other digital transformation technologies in the near future, according to Inmarsat.

IoT has reached a high level of maturity across most organizations, with businesses across all industry sectors now planning to spend an average of $2.8 million on their IoT investments through to 2024.

While IoT accounted for an average of 7 percent of an organization's IT budget between 2017 and 2020, businesses are planning to spend 10 percent of their IT budgets on IoT projects over the next three years.

"Commenting on the findings, Mike Carter, President of Inmarsat Enterprise said:"Our latest research reveals IoT is now the primary Industry 4.0 technology in which companies are investing over the next three years.

The emergence of IoT as an investment priority for businesses, and the increasing level of cost-savings they expect IoT to deliver in the years ahead, demonstrates how well-established a technology IoT has become across multiple industries.

"Despite already seeing rapidly increasing levels of IoT adoption, COVID-19 has emphasised the importance of Industry 4.0 technologies like IoT for business continuity. With the world's production and supply chains becoming increasingly interconnected and digitalised, those companies producing digital twins of their supply chains and sharing data, are the ones reaping the benefits."

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