More than 40% of organizations expect the Internet of Things (IoT) to transform their business or offer significant new revenue or cost-savings opportunities over the next three years, rising to 60% for the longer term (more than five years), according to a recent survey by Gartner Inc.

Those surveyed also said many of their organizations have not established clear business or technical leadership for their IoT efforts, however. The survey, conducted in October 2014 among Gartner Research Circle Members (a Gartner-managed panel), included 463 IT and business leaders who had knowledge of their organization's IoT strategy.

"The survey confirmed that the IoT is very immature, and many organizations have only just started experimenting with it," Nick Jones, vice president and distinguished analyst at Gartner, said in a statement. "Only a small minority have deployed solutions in a production environment.”

The falling costs of networking and processing means there are few economic inhibitors to adding sensing and communications to products, Jones says. The real challenge of the IoT is less in making products “smart” and more in understanding the business opportunities made possible by smart products and new ecosystems, he says.

A good indicator of the degree to which organizations are prepared for the IoT is whether they've identified technical and business leadership for IoT efforts, the report says. The survey found that less than one-quarter of respondents has established clear business leadership for the IoT, either in the form of a single organizational unit owning the issue or multiple business units taking ownership of different IoT efforts.

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