The so-called Internet of Things (IoT) is the use of network sensors on physical devices to allow remote monitoring and control. This technology has gained unparalleled appeal in all areas of healthcare, banking, retail, manufacturing, and consumer products. Companies around the world are looking for possible applications for the Internet of Things.
Here are compelling future predictions for the IoT that will help you understand the potential of IoT technology.
The commercial aspects of the Internet of Things:
1. As early as 2008, the “things” of Internet connectivity exceeded the global population. By 2020, this number is expected to reach 50 billion, which is expected to bring in up to $19 trillion in investment income and cost savings.
2. The potential for future growth is huge. Of all the devices that may use the Internet of Things, only 0.06% are actually working, which makes the remaining 99.94% available for optimization.
3. Compared with homes and mobile phones, IoT smart devices have higher penetration rates in manufacturing, healthcare and business. By 2025, the global value of IoT technology is expected to be $6.2 trillion, with the greatest value coming from healthcare ($2.5 trillion) and manufacturing ($2.3 trillion).
4. Industrial sensors, advanced RFID tags, beacons, in-store analytics and related manufacturing machines have entered the market. These innovative B2B devices will fundamentally change the way companies operate. These networked devices are expected to increase from 2.5 billion units in 2017 to 5.4 billion units in 2020.
5. Of all companies that choose to implement the Internet of Things, 94% have seen the return on IoT investment.
6. The smart car and connected car market is also a huge market. The proportion of connected cars is expected to rise from 10% in 2012 to 90% in 2020. The latest report shows that the market value of global IoT fleet management is expected to reach $16.86 billion by 2025, with a compound annual growth rate (CAGR) of 20.8%.
Consumer Internet of Things and Wearables :
1. Although companies are leading in this area, consumer Internet of Things has not fallen far behind. By 2019, 1.9 billion smart home devices are expected to ship, potentially bringing in $490 billion in potential revenue.
2. In this field, there have been frequent acquisitions by large companies. For example, Google bought the thermostat manufacturer Nest Labs for $3.2 billion. Samsung bought SmartThings, a smart home division, for £200 million. Amazon acquired $1 billion for smart home innovation company Ring. Nokia bought health networking Equipment company Withings for $191 million.
3. Soon, IoT technology will also become a dazzling part of our clothing. In 2016, the global smart clothing shipments were around 1.7 million pieces. It is estimated that by 2022, smart clothing shipments will reach 26.9 million pieces.
4. The adoption of smart home devices is expected to be higher than wearable devices. In this year (2019), more than two-thirds of consumers may purchase IoT devices for their homes, and nearly half believe that wearable technology is the same. Among all devices, the intelligent thermostat is expected to reach 43% adoption rate in the next 5 years.
5. Although in the long run, the large-scale adoption of smart devices is expected, most consumers (87%) do not know the meaning of the “Internet of Things”.
6. These innovations will bring significant savings to the family. By 2020, only smart kitchens will save the restaurant industry at least 15%.
7. The wearable device market is growing at an exponential rate. In 2017, shipments of wearable devices remained at 115.4 million units. IDC expects global wearables shipments to reach 122.6 million units by 2018, and shipments will continue to increase in 2013, reaching 136.68 million units. By 2022, global wearables shipments will increase to 190.4 million units. The average annual compound growth rate is 11.63%.
8. At present, smart speakers are becoming an entry device for smart homes. According to Deloitte research, the market value of smart speakers will reach 7 billion US dollars in 2019, which is 63% higher than the US$4.3 billion in 2018. As the fastest-growing category of Internet devices in history, it is estimated that sales of smart speakers will reach 164 million units in 2019, with an average retail price of $43.
Source of Info compilation is Newgenapps and IoTHome