How IoT fits in

With businesses starting to see the potential of the IoT, software-based selling models are enabling them to see the commercial benefits. 88% believe IoT is driving growth in the industry and that IoT itself is a chance to change their company’s business model (85%). Enabling automated upgrades (61%), remote support (57%), collecting usage analytics (54%) and gathering increased and higher quality customer insights (53%) are the main benefits businesses see IoT enabling.

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98% respondents say that IoT either already does or would benefit their organization’s hardware products with the two most common benefits being to automate upgrades (61%) and allowing remote support (57%). Other benefits include being able to collect usage analytics (54%), gathering better/more customer insights (53%), allowing a subscription-based business model (36%) and the ability to integrate with third party software (28%).

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When it comes to rolling out an IoT platform, 91% of respondents’ organizations already have or plan to have a software-based business model and the ability to remotely release/unlock features to hardware (88%). 38% respondents’ organizations are already monitoring the use and security of their data created remotely, 50% plan to in the future.

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