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M&D Mini Series: IoT Adoption is Slow, but Awareness is Increasing

Sikich

Jul 6 2018

1 min read

IoT spending will increase at a compound annual growth rate of at least 20 percent through 2020, with manufacturing accounting for the greatest demand. But less than 10 percent of survey respondents are already using IoT. One possible reason for the low adoption rate is a lack of awareness among organizations.

Larger manufacturers typically have bigger budgets and are willing to accept more risk. However, many small and midsize manufacturers may not realize their current IT systems are IoT-ready. “Most ERP systems already have gateways to receive information from sensors installed in equipment,” says Evert Bos, an ERP consultant at Sikich.

Within the next year, expect more small and midsize manufacturers to adopt IoT technologies as they become more educated about its potential benefits, Bos says. “With the proliferation of the cloud, we’ll see this catch up with all companies, regardless of size.”

Learn more about IoT Adoption and what it means for your business through our Sikich M&D Report.

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About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 