Inmarsat says investing in the IoT will overtake cloud computing, next-generation security, big data analytics and other digital transformation technologies in the near future.

Respondents from multiple industries reported plans to invest most of their IT budget in IoT projects over the next three years.

In most companies, IoT has reached a high level of maturity

The IoT has reached a high level of maturity in most companies. Companies in all industries are now planning to spend an average of $ 2.8 million on their IoT investments by 2024.

While the IoT made up an average of 7 percent of a company’s IT budget between 2017 and 2020, companies plan to spend 10 percent of their IT budget on IoT projects in the next three years.

Planned investments in IoT are significantly higher than planned for other Industry 4.0 technologies, including cloud computing (9.0 percent), next generation …

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