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Nearly 75% Internet of Things Projects are Failing

Nearly 75% Internet of Things Projects are Failing

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While the Internet of Things is gaining massive momentum, businesses still consider one-third of the total IoT offerings unreliable. A new survey conducted by Cisco, a global IT firm, revealed that enterprises were not ready to adopt IoT technologies, since many improvements can be made on plenty of IoT projects.

The research also pointed out that more than 60 percent of the total IoT projects have fewer features, unreliable security protocols, and do not perform every function as stated by the manufacturer. Only 26%
of the IoT products stand up to the expectations of their customers. Besides, the understanding disruption between the consumers and manufacturers is another reason for the failure of IoT projects. While 35% of the total IoT product manufacturers state that their products are success, consumers’ state that only 15% of the IoT products are reliable.

According to Rowan Trollope, Vice President of Cisco, “”It’s not for lack of trying. But there are plenty of things we can do to get more projects out of pilot and to complete success, and that’s what we’re here in London to do,”

At the recent Internet of Things Seminar, an IDC spokesperson stated that the adoption of Internet of Things is growing at an exponential rate. At the end of 2016, there were less than 15 billion IoT devices which will reach 80 billion until 2025. This can make the Internet of Things as indispensable as the internet itself.

Many businesses want to collaborate with AI to improve their overall performance. However, lack of security protocols and other elements are holding them from longing towards this new technology. The technology-focused culture can streamline the operational workflow of every working environment, increase the productivity, and make companies aware of the emerging trends.

Even though the IoT technology is based on M2M communication, human factors such as culture, leadership, and organization can make a significant difference. Most enterprises are making huge mistakes by copying the technology used by others, without understanding what it really is. And the fact is, “what worked for others might not work for you”. Hence, businesses should also learn to integrate right technology to stay alive and kicking.

Today, the Internet of Things is a useful tool to improve everything that surrounds us. But, manufacturers do not have a clear idea of what their customer wants while the customers are confused on what technology to use. If the dilemmas between these two parties are solved, then the percent of IoT failure might decrease drastically.