The shifting landscape of IoT success

The Internet of Things (IoT) is no longer a futuristic concept; it’s here, evolving, and transforming industries. But this wasn't always the case. Back in the 2010s, Cisco revealed a shocking statistic: 74% of IoT projects failed to deliver. I certainly remember this figure that no one wanted to be a part of, but as with any new technology, we all struggle from time to time.

Luckily, things changed. Fast forward to 2024, and the narrative has transformed. According to IoT Analytics’ recent IoT Use Case Adoption Report, more than 90% of IoT initiatives now report positive ROI, and the adoption of IoT use cases has surged by 53% between 2021 and 2024. So, what has driven this dramatic shift in outcomes, and why is this vital for all of us?

Breaking the complexity barrier

In 2021, IoT projects were often seen as a technical challenge requiring careful proofs of concept and numerous testing phases due to their complexity. Enterprises frequently identified setup and onboarding as top barriers to success, according to IoT Analytics. However, by 2024, the complexity of technical setup and onboarding had dropped in perceived importance, allowing for smoother implementations and broader IoT adoption.

Unfragmenting the fragmented approach

Another critical factor behind this shift is how we approach IoT solutions. In the early days, IoT projects often required coordination between multiple domain specialists—hardware developers, network architects, software integrators, and data scientists, among others—leading to fragmented project management and high failure rates. Industry reports from Gartner and McKinsey have pointed out that this fragmentation was a key challenge.

Today, we’re seeing a shift toward companies that can manage entire IoT projects from end to end or have a proven concept with few players that can deliver a more seamless experience. This holistic approach reduces the fragmentation of responsibilities and minimizes the risk of failure. By relying on IoT specialists with niche competencies who can manage hardware, software, and connectivity, the complexity becomes less overwhelming, and the likelihood of successful implementation becomes a reality.

IoT for the greater good

As you may know, I am also very focused on the environmental impact, and the importance of IoT success goes far beyond ROI. We live in an age of environmental crisis, and every IoT project that fails represents not just a missed opportunity to make the world a better place but also potential e-waste. According to the World Economic Forum, e-waste is the fastest-growing waste stream globally, with over 50 million tons generated each year. By ensuring that IoT devices are implemented effectively and bring lasting value, we reduce the chances of devices becoming part of this alarming statistic.

Every IoT solution that succeeds isn’t just important for individual businesses striving to improve the world; it’s a win for sustainability. When we solve challenges like reducing energy consumption, monitoring water leaks, or improving supply chains through connected technology, the impact is far-reaching. This is why getting IoT right is essential, not just for businesses but for the world.

The path forward

As we look ahead, the opportunities for IoT are vast, from smart buildings to industrial automation, healthcare to your home insurance. And while we celebrate the high success rates we’re now seeing, it's important to remember that the way we implement these technologies matters. By prioritizing seamless, integrated solutions, we can ensure that IoT continues to not only deliver financial returns but also contribute positively to our planet.

In a world where every device counts, let’s make sure we build beyond wires—to something greater.