No question: the market for the industrial internet of things (IIoT) is set to take off. Global predictions suggest IIoT investments will reach $8.9 trillion in 2020, up from $2.99 trillion in 2014. What’s more, IIoT spending in manufacturing will likely hit $890 billion in 2020, nearly double the amount manufacturing companies were spending on IIoT investments only four years ago.
Analysts have noted that multi-billion dollar corporations are investing in IIoT in a big way and hoping to see immediate results. But a substantial number of IIoT projects are failing. In this paper, we’ll explore the reasons this happens.
But first, let’s review some survey data from Cisco.
- 60% of IIoT initiatives stall at the proof of concept or pilot stage
- Only 26% of companies describe their IIoT deployments and initiatives as successful
- While 35% of IT executives say their IIoT projects were completely successful, only 15% of other business executives agree, suggesting a serious perception gap