BELLEVUE, Wash., Nov. 8, 2017 /PRNewswire/ -- Bsquare
(NASDAQ: BSQR), a provider of Industrial Internet of Things (IIoT)
solutions, today released the findings from its first annual
IIoT Maturity Study, which explores the current IoT adoption
progress of business buyers in Manufacturing, Transportation, and
Oil and Gas (O&G).
According to the 2017 study, 86 percent of industrial
organizations are currently adopting IoT solutions and 84 percent
believe those solutions are very or extremely effective. In
addition, 95 percent believe that IoT has a significant or
tremendous impact on their industry. However, the study also shows
that most IIoT investments are focused on connectivity (78 percent)
and data visualization (83 percent). In addition, only 48 percent
are doing advanced analytics on that data and only a small number
(28 percent) are automating the application of insights derived
from analytics.
"Our study shows that while industrial organizations have
enthusiastically adopted IIoT, a majority have not yet moved to
more advanced analytics-driven orchestration of data insights,"
said Kevin Walsh, vice president of
marketing at Bsquare. "These later stages of IIoT
maturity—analytics, orchestration and true edge computing—tend to
be where most of the ROI is realized. This is especially important
because, according to our study, the number one reason cited for
IIoT adoption is cost reduction."
Bsquare's 2017 Annual IIoT Maturity Study was conducted
in the United States in
August 2017, and reached more than
300 respondents at companies with annual revenues in excess of
$250 million. Participants were
evenly divided among three industry groups (Manufacturing,
Transportation, and O&G) and titles covered a wide spectrum of
senior-level personnel with operational responsibilities, most of
whom had spent an average of six years in their organizations.
Key highlights from the report include:
- The vast majority (86 percent) of organizations are deploying
IIoT solutions, led by Construction/Transportation (93 percent) and
followed by O&G (89 percent) and Manufacturing (77
percent).
- Nearly two-thirds (73 percent) of all businesses plan to
increase their IoT investments over the next 12 months, despite
almost every respondent acknowledging that IoT deployments are
complex.
- Nine out of 10 decision-makers feel it is very or somewhat
important for their organization to adopt IoT solutions. And 95
percent perceive IoT as having either a significant or tremendous
impact on their industry at a global level.
- Industrial organizations are using IoT most frequently for
device connectivity and data forwarding (78%), real-time monitoring
(56 percent), and advanced data analytics (48%). More mature uses
of IoT, such as automation and enhanced on-board intelligence, are
also prevalent in industrial settings.
- More than 90% of IIoT adopters cite device-health as the
primary reason for IoT adoption followed by logistics (67%),
reducing operating costs (24 percent) and increasing production
volume (18 percent).
- More than half of organizations are using annual subscription
models for their IIoT solutions, and 77 percent use a cloud-based
model. Amazon and Microsoft were tied (14 percent) for the
preferred cloud service provider.
The IoT Maturity Index outlines the stages commonly associated
with Industrial IoT technology adoption. Each phase typically
builds on the previous one, allowing organizations to drive maximum
value as they progress through the index. The stages include: 1)
Device Connectivity – on-board logic to collect data and transmit
to cloud databases, 2) Data Monitoring – dashboard and
visualization tools to monitor real-time data, 3) Data Analytics –
machine learning and complex analytics used to develop device
models and insight, 4) Automation – development and execution of
logic rules that automate business activities and device
configuration, and 5) Edge Computing – distribution of analytics
and orchestration to the device level.
For more information on the 2017 Annual IIoT Maturity
Study, download the complete report here. Or, explore the
survey infographics here.
About Bsquare
For more than two decades, Bsquare has helped its customers extract
business value from a broad array of physical assets by making them
intelligent, connecting them, and using the data they generate to
optimize business processes. Bsquare DataV software solutions can
be deployed by a wide variety of enterprises to create
business-focused Internet of Things (IoT) systems that more
effectively monitor device data, automate processes, predict events
and produce better business outcomes. Bsquare goes a step further
by coupling its purpose-built DataV software with comprehensive
analytic and engineering services that can help organizations of
all types make IoT a business reality. For more information, visit
www.bsquare.com.
BSQUARE, the BSQUARE Logo and DataV are trademarks of BSQUARE
Corporation in the U.S. and other countries. Other names and brands
herein may be trademarks of others.
View original content with
multimedia:http://www.prnewswire.com/news-releases/new-research-shows-industrial-organizations-increasingly-focused-on-iot-adoption-but-most-are-still-in-early-stages-300551618.html
SOURCE Bsquare