The Internet of Things has no global boundaries. As a result, the money allocated for IoT deployments by category also varies by market.
For example, automotive executives in Europe are allocating 24% of their tech budgets to IoT compared to 19% in the U.S. automotive industry, according to a new study.
The study comprised a survey of 500 executives across industries in the U.S. and Europe conducted by Bain & Company.
While most (65%) European executives focus on IoT initiatives to increase the quality of products and services, just over a third (35%) of those in the U.S. do. There are other differences as well.
For example, 27% of U.S. businesses have concerns about security compared to 39% of European companies.
While 25% of American companies are concerned about the high IoT price tag or unclear benefits, more than a third (35%) of European execs have those concerns.
Since billions of connected things around the world will be creating even more billions of pieces of data, accumulating and analyzing that data, especially for marketing uses, can provide a distinct competitive advantage.
In the U.S., 18% of businesses are implementing or have already implemented IoT and analytics compared to 27% of those in Europe.
That means there’s a lot of data being left on the table, so to speak.
Which geography or market leads at any given moment matters less now than in pre-connected times.
Internet-connected technologies can be replicated relatively quickly. However, the internal
cultural change of an organization doesn’t move quite as fast.