Companies have experienced increase in revenue by investing in Internet of Things, according to Tata Consultancy Services (TCS) study.
According to TCS Global Trend study on IoT companies investing in IoT experiences an average revenue increase of 15.6 percent in 2014 and mentioned one in ten has seen a rise of at least 30 percent in revenue.
12 percent of the 795 companies surveyed identifying a planned to spend $100m in 2015 in IoT and 3 percent looking to invest a minimum of $1bn.
The surveyed companies also mentioned their IoT budgets twill increase year-on-year, with spending expected to grow by 20 percent by 2018 to $103m.
Additionally 8 percent of respondents said they experienced 64 percent average revenue gain in 2014 as a direct result of these investments.
50.8 percent of IoT leaders admit to investing in IoT to track their products and how these were performing while 16.1 percent of the respondents with the lowest ROI from IoT.
The report has also highlighted some major challenges of IoT for businesses across all sectors: corporate culture, leadership and technology.
The healthcare sector plans to spend just 0.3 percent of revenue in 2015 and will increase the investment by 30 percent by 2018 while expecting $117bn by 2020.
Meanwhile, executives in the Industrial Manufacturing sector are reporting the largest increase in revenue from IoT, with an average 28.5 percent, followed by Financial Services with 17.7 percent and Media & Entertainment with 17.4 percent.
Report has also mentioned US firms are the largest revenue gains of 18.8 percent up from the previous year while Asia-Pacific reports a 14.1 percent increase and Latin America reports 18.3 percent growth.
In addition, European firms will spend $93.9 million on average while French firms will spend $138 million on average in 2015.
Shilpa Khatri
