Organisations expect The Internet of Things (IoT) to significantly transform their business over the next three years.
According to analyst Gartner, more than 40 per cent of organisations believe the IoT will offer new revenue or cost-saving opportunities over the next three years.
60 per cent believe that the IoT will make an impact in more than five years time.
Of those surveyed, many also revealed that their organisations have not established clear business or technical leadership for their IoT efforts.
Nick Jones, VP at Gartner, said: “The survey confirmed that the IoT is very immature, and many organisations have only just started experimenting with it.
“The real challenge of the IoT is less in making products 'smart' and more in understanding the business opportunities enabled by smart products and new ecosystems."
The survey found that 25 per cent of respondents have established clear business leadership for the IoT.
Steve Kleynhans, research VP at Gartner, added: “Organisations need executives and staff to understand the potential of the IoT if they're going to invest in it.
"While a single leader for the IoT is not essential, leadership and vision are important, even in the form of several leaders from different business units.”
Other respondents stated they felt that senior levels of their organisations don't yet have a good understanding of the potential impact of the IoT.
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