Skills gaps are opening everywhere as companies embrace emerging technologies. The latest area of concern is IoT.
Microsoft's IoT Signals, which surveyed over 3,000 decision-makers, detailed IoT adoption's meteoric rise. Respondents believed that 30% of their company's revenue in two years would be due to IoT.
Eighty-five percent of respondents have already adopted IoT. Around three quarters have IoT projects in planning.
Among the IoT adopters, which include Buhler AG, Chevron, Starbucks, Steelcase, and ThyssenKrupp, 88% see it as critical to their business success. They also expect a 30% ROI increase through cost savings and efficiencies.
"According to IDC's Worldwide Global DataSphere IoT Devices and Data Forecast, IDC expects 41.6 billion connected IoT devices by 2025 - growing at a rate of 8.9% over the forecast period," said Carrie MacGillivray, group vice president, IoT, 5G and Mobility at IDC.
"As the market continues to mature, IoT increasingly becomes the fabric enabling the exchange of information from 'things' to people and processes. Data becomes the common denominator - as it is captured, processed, and used from the nearest and farthest edges of the network to create value for industries, governments, and individuals' lives."
Yet, respondents highlighted significant hurdles. Thirty-eight percent cited complexity and technical challenges. Lack of talent and training presents challenges for half of IoT adopters, with 47% saying there are not enough available skilled workers.
These challenges are impacting IoT projects. Nearly one-third of projects (30%) failed in the proof-of-concept stage due to rising costs or unclear bottom-line benefits.
"IoT is transforming businesses in every industry and is powering breakthrough innovations," said Sam George, head of Azure IoT. "Our research shows that unlocking IoT's full potential requires the industry to address key challenges like the skills shortage, security concerns, and solution complexity."