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Adoption Report

IoT Use Case Adoption Report 2024

IoT Use Case Adoption Report 2024 - Product Icon
A 418-page report on the adoption, spending, ROI, future investments for use cases in smart operations, supply chain and connected products. Based on insights from 200 IoT adopters across various verticals, regions, company sizes.
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Document type: PDF, PPTX
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Published: July 2024
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Main author: Dimitris Paraskevopoulos
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Questions answered

  • What are the most adopted IoT use cases (out of a list of 27)?
  • Which IoT use cases have the highest return on investment (ROI)?
  • Which KPIs are most important for a company’s IoT strategy, and how are the KPIs affected by implementing IoT use cases?
  • How much do companies spend on hardware, software, and services for individual IoT use cases?
  • Which IoT use cases do companies plan to invest in the most in 2024?
  • Who are the leading vendors for IoT use cases, how satisfied are end users, and what are the strengths and weaknesses of the top vendors?
  • What challenges do IoT end users face when implementing use cases?
  • How do companies ensure their workforce has the necessary IoT skills?
  • How much are companies’ IoT strategies impacting their sustainability goals?

Table of Contents

IoT Use Case Adoption Report 2024 (PDF)

  1. Executive summary and survey highlights
    1. General overview (1/2): How things evolved since our 2021 use case report
    2. General overview (2/2): Overall IoT adoption, ROI, and plans to invest
    3. Regional overview: IoT use case adoption 2024 vs. 2021 and spending plan
    4. Industry overview: IoT use case adoption, investment, KPIs, and challenges
    5. Use case overview (1/2): Use cases ranked by adoption, ROI, and investment plans
    6. Use case overview (2/2): Impact of individual IoT use cases
    7. Executive summary
  2. Introduction
    1. Reminder: How IoT Analytics defines IoT
    2. Reminder: Two types of IoT and the technical IoT setup
    3. Starting point: IoT is now a top 5 corporate technology priority
    4. Our view: Many companies are on or moving to stage 4 of their IoT journey
    5. Some major tech trends are currently affecting IoT growth
    6. Our view: The market for independent IoT applications reached $45 billion in 2023
    7. IoT applications can have many benefits and interest is at high levels
    8. There are several ways to classify IoT use cases
    9. Search interest is also growing for popular IoT use cases …
    10. … and with good reason, as companies are realizing their value
    11. This report looks at 27 IoT use cases from 3 different groups
    12. Examples of IoT initiatives in each use case group
    13. Overview: 14 smart operation IoT use cases (1/2)
    14. Overview: 14 smart operation IoT use cases (2/2)
    15. Overview: 3 smart supply IoT chain use cases
    16. Overview: 10 connected products IoT use cases/features
    17. This report analyzes 9 topics regarding the implementation of IoT use cases
  3. Global results
    1. Chapter 3.1: Adoption – Overview and key takeaways
    2. IoT use case adoption (1/3): By region
    3. IoT use case adoption (2/3): By industry
    4. IoT use case adoption (3/3): By detailed industry
    5. Comparison 2024 vs. 2021: Adoption growth by region and industry
    6. Global adoption of use cases
    7. Global adoption of use cases by group
    8. Comparison 2024 vs. 2021: Adoption by use case
    9. Chapter 3.2: Spending – Overview and key takeaways
    10. Tech spend (1/4): Definitions
    11. Tech spend (2/4): Overview
    12. Tech spend (3/4): By segment
    13. Tech spend (4/4): Breakdown and detailed IoT spending
    14. Deep dive: Non-use case-specific IoT budget
    15. Upfront/recurring and tech stack IoT spending
    16. Distribution of IoT spending on upfront/recurring by use case
    17. Distribution of IoT spending on hardware/software/services by use case
    18. Chapter 3.3: ROI – Overview and key takeaways
    19. Positive ROI (1/2): By region
    20. Positive ROI (2/2): By industry
    21. Quick ROI (1/3): By region
    22. Quick ROI (2/3): By industry
    23. Comparison 2024 vs. 2021: Positive ROI growth by region and industry
    24. Quick ROI (3/3): Detailed view
    25. Amortization by use case (1/2): Quick ROI
    26. Amortization by use case (2/2): Positive ROI
    27. Comparison 2024 vs. 2021: Quick ROI by use case
    28. Comparison 2024 vs. 2021: Positive ROI by use case
    29. Chapter 3.4: Investment priorities – Overview and key takeaways
    30. Average investment change (1/2): By region
    31. Average investment change (2/2): By industry
    32. Strong investment (1/2): By region
    33. Strong investment (2/2): By industry
    34. Comparison 2024 vs. 2021: Investment plans growth by region and industry
    35. Strong investment: Detailed view
    36. Investment change by use case
    37. Comparison 2024 vs. 2021: Investment plans by use case
  4. Impact of IoT implementation
    1. Chapter 4.1: Impact of IoT implementation Affected KPIs – Overview and key takeaways
    2. List of KPIs analyzed in this chapter
    3. Importance of KPIs for IoT strategy (1/4): Group overview
    4. Importance of KPIs for IoT strategy (2/4): Detailed overview
    5. Smart operations: Mercedes-Benz’s iteration of a KPI dashboard
    6. Connected products: König & Bauer’s iteration of a KPI dashboard
    7. Importance of KPIs for IoT strategy (3/4): By industry
    8. Three most important KPIs for each industry
    9. Deep dive: Why cybersecurity KPIs are more important in the energy sector
    10. Importance of KPIs for IoT strategy (4/4): By region and size
    11. Impact of IoT implementation on KPIs (1/7): Overview
    12. Impact of IoT implementation on KPIs (2/7): By use case
    13. Impact of IoT implementation on KPIs (3/7): Top 3 by use case (1/3): Smart operations
    14. Impact of IoT implementation on KPIs (4/7): Top 3 by use case (2/3): Smart supply chain
    15. Impact of IoT implementation on KPIs (5/7): Top 3 by use case (3/3): Connected products
    16. Impact of IoT implementation on KPIs (6/7): By use case detailed (1/2): Smart operations
    17. Impact of IoT implementation on KPIs (7/7): By use case detailed (2/2): Smart supply chain/con. prods.
    18. Chapter 4.2: Impact of IoT implementation Challenges faced – Overview and key takeaways
    19. Challenges faced when implementing IoT use cases (1/4): Overview
    20. Deep dive: Legacy systems (1/4) – Organizational challenges arise
    21. Deep dive: Legacy systems (2/4) – Changing legacy infrastructure
    22. Deep dive: Legacy systems (3/4) – Difficult to replace them in operations
    23. Deep dive: Legacy systems (4/4) – Insights from the Hannover Messe
    24. Deep dive: IT & data security – IoT is a growing target for cyberattacks
    25. Deep dive: Missing talent/skill gaps – Corporate earnings calls
    26. Challenges faced when implementing IoT use cases (2/4): By industry
    27. Challenges faced when implementing IoT use cases (3/4): By region and size
    28. Challenges faced when implementing IoT use cases (4/4): By department
    29. Chapter 4.3: Impact of IoT implementation Workforce & sustainability – Overview and key takeaways
    30. Ensuring a skilled workforce (1/5): Overview
    31. Ensuring a skilled workforce (2/5): Training deep dive
    32. Ensuring a skilled workforce (3/5): Hiring, third-parties, internal communication, and collaborations
    33. Ensuring a skilled workforce (4/5): Obstacles faced by respondents
    34. Ensuring a skilled workforce (5/5): Additional tips from respondents
    35. Deep dive: Examples of company training programs
    36. Tech expertise in demand in Q1 2024: IoT (1/2)
    37. Tech expertise in demand in Q1 2024: IoT (2/2)
    38. IoT strategy and sustainability (1/4): Overview
    39. IoT strategy and sustainability (2/4): Sustainability goals being impacted
    40. IoT strategy and sustainability (3/4): Deep dive on how IoT helps with sustainability goals
    41. IoT strategy and sustainability (4/4):Future planned impact on sustainability/no impact planned
    42. How an IoT implementation improves sustainability
    43. How CEOs think about their sustainability goals
  5. Key vendors & vendor satisfaction
    1. The 20 most used IoT vendors and their satisfaction ratings
    2. 20 most used vendors for IoT use case projects
    3. Comparison 2024 vs. 2021: Unique vendors used
    4. Comparison 2024 vs. 2021: Most used vendors and their satisfaction
    5. Most used vendors by region and industry (1/2)
    6. Most used vendors by region and industry (2/2)
    7. Extensive list with all vendors that respondents have worked with
    8. Key IoT vendor deep dives (1/7): Microsoft (1/2)
    9. Key IoT vendor deep dives (1/7): Microsoft (2/2)
    10. Key IoT vendor deep dives (2/7): Cisco (1/2)
    11. Key IoT vendor deep dives (2/7): Cisco (2/2)
    12. Key IoT vendor deep dives (3/7): AWS (1/2)
    13. Key IoT vendor deep dives (3/7): AWS (2/2)
    14. Key IoT vendor deep dives (4/7): Honeywell (1/2)
    15. Key IoT vendor deep dives (4/7): Honeywell (2/2)
    16. Key IoT vendor deep dives (5/7): Google
    17. Key IoT vendor deep dives (6/7): Siemens
    18. Key IoT vendor deep dives (7/7): IBM
    19. Most used vendors by tech stack (1/7): Hardware – Computers, controllers, and gateways
    20. Most used vendors by tech stack (2/7): Hardware – Sensors/semiconductors
    21. Most used vendors by tech stack (3/7): Software – Infrastructure as a service (IaaS)
    22. Most used vendors by tech stack (4/7): Software – IoT platforms/PaaS
    23. Most used vendors by tech stack (5/7): Services – Wireless connectivity
    24. Most used vendors by tech stack (6/7): Services – Professional services
    25. Most used vendors by tech stack (7/7): Security
    26. Deep dive: Hyperscaler IoT (1/4) – Overview
    27. Deep dive: Hyperscaler IoT (2/4) – Relevance of IoT
    28. Deep dive: Hyperscaler IoT (3/4) – Relevance of IoT by industry
    29. Deep dive: Hyperscaler IoT (4/4) – Products vs. operations*
  6. Case studies
    1. List of included smart operations case studies
    2. Smart operations case study 1/14: Eldorado Brasil
    3. Smart operations case study 2/14: Schneider Electric
    4. Smart operations case study 3/14: Greggs
    5. Smart operations case study 4/14: Somfy
    6. Smart operations case study 5/14: Longroad Energy
    7. Smart operations case study 6/14: ONGC
    8. Smart operations case study 7/14: ArcelorMittal
    9. Smart operations case study 8/14: Swire Coca-Cola
    10. Smart operations case study 9/14: Roeslein Alternative Energy
    11. Smart operations case study 10/14: framas
    12. Smart operations case study 11/14: Silotank
    13. Smart operations case study 12/14: Aquafin
    14. Smart operations case study 13/14: MAN
    15. Smart operations case study 14/14: Volvo Group
    16. List of included smart supply chain case studies
    17. Smart supply chain case study 1/3: Tyson Foods
    18. Smart supply chain case study 2/3: Konvoy
    19. Smart supply chain case study 3/3: Salco
    20. List of included connected products case studies
    21. Connected products case study 1/10: John Deere
    22. Connected products case study 2/10: Alfa Laval
    23. Connected products case study 3/10: Trumpf
    24. Connected products case study 4/10: Vossloh Rail Services
    25. Connected products case study 5/10: Middle Atlantic
    26. Connected products case study 6/10: Unox
    27. Connected products case study 7/10: Dyson
    28. Connected products case study 8/10: Carrier
    29. Connected products case study 9-10/10: Volkswagen
  7. Use case deep dives
    1. Chapter 7.1 Smart operations use cases
    2. Smart operations use cases (1/5): Adoption
    3. Smart operations use cases (2/5): Spending hardware, software, services
    4. Smart operations use cases (3/5): Spending CAPEX vs. OPEX
    5. Smart operations use cases (4/5): Planned investment
    6. Smart operations use cases (5/5): ROI
    7. Deep dives for all 14 smart operations use cases
    8. Chapter 7.2 Smart supply chain use cases
    9. Smart supply chain use cases (1/5): Adoption
    10. Smart supply chain use cases (2/5): Spending hardware, software, services
    11. Smart supply chain use cases (3/5): Spending CAPEX vs. OPEX
    12. Smart supply chain use cases (4/5): Planned investment
    13. Smart supply chain use cases (5/5): ROI
    14. Deep dives for all 3 smart supply chain use cases
    15. Chapter 7.3 Smart products use cases
    16. Connected products use cases (1/5): Adoption
    17. Connected products use cases (2/5): Spending hardware, software, services
    18. Connected products use cases (3/5): Spending CAPEX vs. OPEX
    19. Connected products use cases (4/5): Planned investment
    20. Connected products use cases (5/5): ROI
    21. Deep dives for all 10 connected products use cases
  8. Methodology
  9. Appendix
  10. About IoT Analytics

Companies mentioned

A selection of companies mentioned in the report.

ABB

AT&T

AWS

Accenture

BCG

Bosch

Cisco

Dell

Google

Honeywell

IBM

Microsoft

Oracle

Palo Alto Networks

Rockwell Automation

SAP

Salesforce

Schneider Electric

Siemens

About the report

The IoT Use Case Adoption Report 2024 is part of IoT Analytics’ ongoing coverage of the IoT in general. The information presented in this report is based on an extensive survey of IoT end-users in manufacturing, healthcare, retail, and other industries. The purpose is to inform other market participants about the current state of adoption of IoT use cases across companies.

How IoT use cases have evolved since 2021

IoT initiatives are even more successful, but payback takes time. Currently a majority of IoT projects have a positive ROI, a 13-percentage point increase compared to 2021. However, the share of projects that amortize in 2 years have declined.

APAC is steadily ahead; North America is catching up. In 2024, APAC companies are still at ~11 use cases rolled out on average (+0.9 increase since 2021). North America and Europe have each rolled out ~10 use cases (+3.5 and +1.7 since 2021, respectively).

This report includes 27 IoT use cases across smart operations, smart supply chain, and connected products

  • Process automation. Integrating IoT to automate routine processes, enhancing productivity and accuracy.
  • Quality control & management. Integrating IoT (e.g., machine vision) to enhance quality processes.
  • Energy monitoring. Integrating IoT to monitor energy consumption for individual assets.
  • Operations planning and scheduling. Leveraging IoT for real-time scheduling and planning to improve operational efficiency.
  • Asset performance optimization. Utilizing IoT to enhance operational efficiency and effectiveness of assets.
  • Remote asset monitoring. Utilizing IoT to monitor assets remotely in a read-only format for performance tracking.
  • Condition-based maintenance/monitoring. Utilizing IoT to perform maintenance based on the condition of equipment.
  • Plant/worker safety. Leveraging IoT (e.g., smart cameras) to enhance safety measures within a plant and for workers.
  • Emissions/waste tracking. Integrating IoT to monitor emissions or waste of operations.
  • Remote asset control. Employing IoT for remote control of assets (e.g., remote trouble shooting).
  • Work condition monitoring. Employing IoT for monitoring environmental conditions of workers (e.g., temperature, humidity, air quality) to ensure worker health.
  • Predictive maintenance. Employing IoT to predict when maintenance is required to prevent downtime.
  • Augmented services/maintenance. Using augmented reality (AR) to improve field service and maintenance.
  • Augmented operations. Using augmented reality (AR) to improve operations.
  • Real-time inventory management. Utilizing IoT for tracking inventory levels in real-time to optimize stock and reduce shortages or excesses.
  • Supply chain track & trace. Employing IoT for monitoring the location, condition and/or status of products and materials along the supply chain.
  • On-site facility track & trace. Employing IoT for real-time tracking and tracing of assets on a site (e.g., in a factory or warehouse).
  • Location tracking (e.g., GPS). Employing IoT for real-time location tracking of products/assets/devices.
  • Sustainability and energy efficiency. Employing IoT to monitor and control energy usage of products, promoting sustainability and cost savings for users.
  • Condition/health monitoring. Utilizing IoT for monitoring the condition, status or health of products/assets/devices.
  • IoT-data based product usage optimization. Leveraging IoT data for optimizing product usage and offering suggestions to customers.
  • Predictive maintenance. Employing IoT to predict and perform maintenance on products/assets/devices.
  • Remote asset control. Employing IoT for remote control of products (e.g., remote troubleshooting).
  • Product engineering. Using actual IoT product usage data from customers to enhance future products.
  • Selling assets/products “as-a-service”. Utilizing IoT to offer products or assets as a service.
  • Over-the-air firmware updates (FOTA). Leveraging IoT for remote firmware updates.
  • Over-the-air software updates (SOTA). Employing IoT for remote software updates.

Analyses in the report includes

  • IoT use case adoption (by region, by industry, by use case group)
  • Detailed breakdown of IoT use case spending (upfront, recurring, hardware, software, services)
  • Return on investment (by region, by industry, amortization by use case)
  • Use case investment priorities (by region, by industry, change by use case)
  • Impact of IoT implementation on company KPIs (e.g., Overall equipment efficiency, revenue, quality)
  • Challenges faced when implementing IoT use cases
  • Methods of ensuring a skilled workforce
  • Impact of IoT strategy on company’s sustainability goals
  • Key vendors for IoT use cases and vendor satisfaction with deep dives on strengths and weaknesses of most used vendors and most used vendors by tech stack
  • Detailed case studies for every use case
  • Deep dives for each of the 27 use cases (adoption, spending, ROI, planned investment, impact on company KPIs)

A detailed overview if all included analyses can be found in the Table of contents below

Authors

Dimitris Paraskevopoulos

Related reading

A research article based on insights from this report: The top 10 IoT use cases.

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