Market trends on the Internet of Things
/ The Internet of Things (IoT) Market
In 2025, the estimated annual revenue for IoT related business will be between $3.9 – $11 trillion. This year there will be over 31 billion connected IoT devices across the globe with that number looking to rapidly increase to over 50 billion devices by 2020.
With the world currently having 4-5 billion mobile phone users and only 50-60% having access to the internet, it is easy to understand how these figures will rapidly grow. As the number of mobile phones continues to increase and also the number of phones with IoT connectivity, these figures will change significantly on over the upcoming years.
To support this growth, traditionally non-IoT companies are now integrating connectivity into their products to meet their customers’ expectations for the future. New and innovative IoT centric technologies are already invading our homes and workplaces meaning this outrageous prediction is now becoming a realistic forecast.
\ How Smart is your Home?
You may have a laptop and a mobile phone accessing the internet at home but do your clocks, speakers, lights, doorbells, cameras, windows, window blinds, hot water heaters, appliances and cooking utensils have access the Internet? Probably not but in the world of IoT, each of these devices will soon be taking your commands, sending you information and communicating with each other to support your ease of life.
The Amazon Alexa device is probably the greatest example of IoT within the home, selling over 20 million units in 2017. Currently, Alexa is winning the race in being the best-selling smart speaker on the market. Having an entity like Alexa in a household allows the consumer to instantly access the internet via voice command allowing the consumer to create commands and obtain information instantaneously.
\ The Factory of IoT (Internet of Things)
In the world of IoT, it is not just consumers benefitting from IoT developing but manufacturers are too, as more and more devices connect to the internet at home the same will continue in the workplace. This is not surprising, considering over 90% of companies believe IoT will be crucial in the future of their business and 56% of manufacturers have invested $100M or more into developing smart factories, the reason being that research has shown that these investments should more than quadruple the productivity within their factories. Welcome to the Industry 4.0 !
The globe is currently going through a fascinating transition period with the Internet of Things in the manufacturing industry, as many companies are exploring how these investments in connected devices can save their businesses money and time purely through devices connecting, communicating and working together and also in some case learning. IoT implementation across various industries will continue to increase and predictions are stating an increase of 15% this year. The value of the overall Internet of Things and connected devices business in the manufacturing industry is due to exceed $700 billion.
Asteelflash is already supporting various IoT centric customers, what can we do for you?
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