Companies investing on IoT have registered on average 15.6% increase in revenues, according to a global executives survey.
The research found that 80% of 795 companies benefited from investing in IoT, with one in ten having at least increased revenues by 30%.
The C-suite sees IoT as a business opportunity, with 12% saying they plan spend $100m in 2015 and 3% look to invest a minimum of $1bn, according to a consulting firm.
The report also shows that companies predict their IoT budgets to continue increasing year-on-year, with spending expected to grow by 20% by 2018 to $103m.
Eight percent of respondents reported a 64% average revenue gain in 2014 as a direct result of these investments.
The Tata Consultancy Services (TSC) survey found that 50.8% of IoT leaders invest in IoT to track their products and how these perform.
The report has also unveiled that corporate culture is one of the main obstacles that hold companies back on IoT. Respondents identified the ability to get employees to change the way they think about customers, products and processes was a major barrier.
TSC added that leadership and technology are other two factors that delay IoT investments. These include top executives believing in the IoT and questions around big data management, security and reliability.
The study found the Industrial Manufacturing sector to have the largest increase in revenue from IoT, with an average 28.5%, followed by Financial Services (17.7%) and Media & Entertainment (17.4%).
The Automotive industry has the lowest revenue gain with just a 9.9% increase, while Healthcare remains one of the most underdeveloped industries due to regulatory restrictions and data security concerns, according to TCS.
Regionally, North America and Europe are leading IoT adoption, with gains increasing 18.8% and 12.9% respectively, while the Asia-Pacific region registered 14.1% and Latin America 18.3%, according to the report.
In the UK, respondents said they plan to increase IoT spending by 38% over the next three years, compared to 20% globally.
British companies reported that IoT initiatives led to a 13.9% revenue increase in 2014 over 2013 as a result of IoT investment.
Natarajan Chandrasekaran, CEO at Tata Consultancy Services, said: "Our latest global trend study found that leaders in using IoT technologies are using it to completely re-imagine their businesses by changing every aspect of them from business models and products to business processes and workplaces.
"Now is the time for every leader in every industry to reimagine the possibilities for their businesses in a world of smart, connected ‘things’."
