Honeywell: IIoT spending to jump among UAE, Saudi firms
Lack of digital culture and qualified staff, data protection and budgetary problems have affected IIoT adoption
Honeywell's IIoT Market Spotlight – UAE & Saudi Arabia report has revealed that more than 70% of medium-to-large organisations in the buildings and cities sector in GCC countries are expected to spend more on digitisation and industrial internet of things (IIoT) technologies in five years.
Launched in partnership with YouGov and International Data Corporation (IDC), the report revealed that 53%, 50% and 26% of the senior decision-makers in the buildings and cities sector are considering IIoT technologies for improved operational efficiencies, time savings, and increased revenues, respectively.
The implementation of smart city initiatives has increased the appetite for investment in digital transformation, according to the report.
Research by IDC showed that spending on smart city technologies in the Middle East and Africa is expected to increase to $2.7bn by 2022 from $1.3bn in 2018, with experts attributing the positive forecast to the acceleration of digitalisation within urban ecosystems.
Vice president and general manager for Honeywell Building Technologies in the Middle East, Turkey and Africa, George Bou Mitri, said in a statement: “IIoT, big data and analytics technologies are helping improve the safety, security, productivity, and energy efficiency of urban areas around the world while reducing operating and maintenance expenses and cutting energy costs."
He added: “By aggregating data from disparate systems, we can gain powerful operational insights and enable real-time decision-making that brings many benefits, ranging from improved traffic management, security, and crowd monitoring in cities, to enhanced occupant comfort and reduced downtime for a building’s mechanical assets.”
Nearly 43% of the surveyed executives said that lack of digital culture and qualified staff and training in their organisation has affected the adoption of IIoT technologies. More than 37% of respondents said that data protection issues were a key concern, and 34% cited budgetary pressures as a hurdle.