• by Chase Martin , August 2, 2016

Business leaders around the world are showing interest in the Internet of Things.

Almost three quarters (71%) of business executives now say they want to learn about the value IoT can drive for their company, according to a new study.

The 2016 IoT Trends Survey by the Internet of Things Institute, which comprised a survey of more than 900 business executives around the world, found that more than half (65%) of executives say organizations currently utilizing IoT have a significant advantage.

The majority (62%) also expect that IoT will grow significantly within the next five years.

This sentiment is even stronger among retailers.

Another study found that the majority (80%) of retailers worldwide say that IoT will drastically change the way companies do business.

That study, from Retail Systems Research, also found that 80% of retailers say that IoT will have a dramatic effect on consumer products within the next three years.

CPG brands, however, have yet to show heavy investments in IoT, according to eMarketer. This could be largely due to the early adoption of IoT capabilities by retailers, which negates the need for CPG brands to invest in IoT outside of uses for operational efficiencies, according to that report.

Retailers around the world spent an average of $42 million on IoT last year, according to Tata Consultancy Services.

Retail is not the highest spending industry when it comes to IoT investment, though. The global travel and hospitality industry spent the most on IoT last year with an average of $129 million per company, according to Tata.

Although there is a lot of interest and investment in the potential value of IoT, there seems to be almost as much uncertainty. Among those surveyed by the Internet of Things Institute, 59% say there is a lot of confusion around the idea of the Internet of Things.