The IoT is an all-encompassing technology, transforming everything consumer apps to highly complex level manufacturing and industrial applications. The promise of the Internet of Things (IoT) is about transforming business results for different industries. It is all about improving employee efficiency, creating new digital offerings, delivering new products, and creating an ecosystem that strengthens offering holistic solutions. In order to leverage the benefits of this disruptive technology, it is important to partner with IoT Solutions company.
Many companies have already identified IoT devices as clear value differentiator for their businesses. Far from just the technology sector, clothing manufacturers, healthcare providers, and municipalities around the world are investing in new ways to leverage the potential of interconnected devices.
Here are top statistics that will define the future of IoT:
14.2 billion connected things will be in use till 2019
Internet of Things continues to grow at a phenomenal pace and provide new opportunities for digital innovation. Gartner forecasts that 14.2 billion connected things will be in use in 2019, and that the total will reach 25 billion by 2021, producing immense volume of data. The number of connected things in use will go up to 25 billion by 2021, from 14.2 billion in 2019. According to the report, AI will be applied to a wide range of IoT information and it will be possible to achieve good results with AI in a wide range of IoT situations.
IoT initiative in the Entertainment industry to increase by 54 percent
Entertainment and media companies are beginning to see the potential of the Internet of Things both on the backend and for customer engagement, according to eMarketer. Now the industry is poised to increase spending on IoT initiatives by 54 percent, from $47.2 million to $72.6 million, by 2018. Media and Entertainment Solutions will take the level of entertainment to a new stage.
Industry wise investment is expected to reach $40B each on IoT platforms, systems, and services
It is expected by 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services. Globally B2C Commerce is projected to invest $25B in IoT systems, software, and platforms within two years. Healthcare and Process industries are projected to invest $15B each in IoT.
Market analysts predict the number of connected devices in the manufacturing industry will double between 2017 and 2020. The IoT is a key driver of digital transformation in the manufacturing sector.
Sensors, RFID tags, and smart beacons have started the new era of industrial revolution. These innovations are a total game changer for the industry disrupting every part from development to supply chain management helping manufacturers prevent delays, reduce downtime of equipment and manage inventory.
Global smart home market is forecasted to grow to more than 50 billion U.S. dollars
One vertical of the IoT that is experiencing voluminous change over the next few years is the smart home. It is forecasted that the global smart home market is expected to grow to more than 50 billion U.S. dollars. On the other hand, the smart home automation market is estimated to reach more than 20 billion U.S. dollars in revenue by that time. The use of IoT extends to both commercial and residential buildings, creating not only smart homes, but also smart offices, and eventually smart cities.
Wearable devices market will grow at 31% growth
The wearable devices market is expanding exponentially. In 2016, 28.3 million units of IoT devices made it to the market and according to forecast, this number will rise to 82.5 million by 2020, showcasing a growth rate of 31%.
90% of Automobiles will be Connected to the Internet by 2020
Whether people like it or not, Autonomous vehicles are making a debut in a big way. While driverless cars may not be taking over the highways soon, the need to gather and analyze voluminous data will demand sophisticated edge data centers capable of directing the resulting digital traffic.
China is considered global leader in adopting IoT
IoT is making its presence felt across the globe. Several countries are adopting IoT to increase competitiveness. According to study, Chinese enterprises are most often adopting IoT to increase competitiveness (23%) while American companies look to reduce costs (19%). China is considered a global leader in adopting IoT to empower industries and enterprises to be more competitive.
Azure IoT Suite is the most Favored platform by Developers
Microsoft Azure IoT Suite is the most favored platform by developers for enabling connected devices in their software projects. 29% of developers favor Microsoft’s Azure IoT Suite as the platform for their IoT projects, with Google Cloud IT second (24%), and Amazon AWS IoT third (19%).
IoT, Big Data, and AI all feed into each other and create an ecosystem of automation - IoT devices collect data on millions of criteria and use to train and improve AI algorithms. As such, ensuring that people understand how IoT, Big Data and AI improve each other is the most important to bring real improvements in business processes and improve quality of lives.