Emerging IoT Technologies- IoT currently is in its golden age, transforming various industries by storing and processing data in a distributed manner and making enhanced productivity.
IoT is a complex ecosystem of interconnected devices that can communicate with each other. These smart connected devices are able to gather, share, and analyze information and take actions accordingly.
Research shows that there will be 35 billion smart devices online by 2021 and this number will rise to 75 billion by 2025. So, it is safe to say that IoT is growing at an enormous rate and so are the use cases, trends and technologies surrounding it.
The emerging trends in IoT are majorly driven by technologies like artificial intelligence, blockchain, 5G and edge computing. Within this interconnected web of technological advances lies in the business value of IoT applications like smart wearables, smart homes and buildings, smart cities, autonomous cars, smart factories, location trackers, wireless sensors and much more. This level of connectivity helps consumers experience a comfortable secure household that they can control and monitor anytime. IoT also promotes cost and energy savings. From a business point of view, it helps make operation management more efficient, improves productivity of the resources and reduces human labour and above all it provides vast business opportunities.
Since we are well aware about what IoT is and how it works, let us jump straight to IoT statistics that you should not ignore!
Statistics You Need To Know
- According to Fortune Business Insights, the global internet of things market size stood at USD 250.72 billion in 2019 and is projected to reach USD 1,463.19 billion by 2027, exhibiting a CAGR of 24.9% during the forecast period.
- The Internet of Things (IoT) market in the U.S. is estimated at US $45.7 Billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$169.1 Billion by the year 2027 trailing a CAGR of 29.9% over the analysis period 2020 to 2027.
- The enthusiasm for IoT adoption is not only global, but also across all industries. Among the enterprise IoT decision makers Microsoft surveyed, 85% say they have at least one IoT project in either the learning, proof of concept, purchase, or use phase, with many reporting they have one or more projects currently in use. Adoption rates are similar across surveyed countries such as, US, UK, Germany, France, China, Japan and core industries like – manufacturing, retail/wholesale, transportation, government, and healthcare.