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March 8, 2023
Depending on company size, barriers to technology adoption range from the lack of qualified staff to a lack of strategy.
Those are among the findings in a global survey of more than 200 small- and medium-sized businesses conducted by IoT World Today and AI Business.
The survey found a lack of qualified in-house personnel, a lack of budget and the complexity of integrating these technologies to be the three primary barriers to adoption for SMEs.
For smaller companies (those making less than $50 million a year in revenue), lack of talent and budget were the two main obstacles, with 40% of business people identifying them as their top concerns. Complexity of integration was the third largest barrier, with 38% identifying it as a main concern.
Larger companies (those with revenue of $50 million to $1 billion) identified different barriers.
The primary barrier to technology adoption for larger firms was lack of strategy (37%), followed by complexity of integration and lack of talent (32%). Third was compliance and regulatory concerns (30%).
For companies developing and deploying these technologies internally, lack of budget was the leading adoption barrier for almost half (48%). For those relying primarily on external sources for this technology deployment, lack of talent and complexity of integration were the main obstacles (49%).
By region, businesses in North America said lack of talent was the leading barrier (40%).
In Europe, lack of budget was the leading obstacle to technology adoption for businesses, although lack of data and data quality issues was also a leading issue for smaller businesses.
Assistant Editor, IoT World Today
Scarlett Evans is the assistant editor for IoT World Today, with a particular focus on robotics and smart city technologies. Scarlett has previous experience in minerals and resources with Mine Australia, Mine Technology and Power Technology. She joined Informa in April 2022.
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