Empowering the world with invention and innovation, a concept as unique as the Internet of Things (IoT) was born! The future of IoT does stand as tall as the towering advancements in cyber security, science and technology. IoT surpassed the conventional boundaries of reality weaving the path towards a more connected future with the concept of connected futuristic technology and smart building systems.
The intelligent algorithms of IoT transitioned the way facilities management was viewed and managed. The immaculate connectivity and sensor integrations have paved the way for a seamless facility management system. In this blog section, let us delve deeper into the transformation of everyday objects into smarter and more responsive assets! Let us also dive into the market trends, market size and the future of IoT solutions!
What is the 2023 IoT Market Size? | Top Trends & Statistics
1. Connecting the history, evolution and future of IoT:
HISTORY OF IoT:
The first IoT device - Before treading towards the future of IoT let's skim through the surface of the history of IoT. IoT solutions guarantee convenience for people and enterprises.
It all started at Carnegie Mellon University. The first Internet of Things device came into existence in the early 1980s. It was designed by a group of students to check the inventory status of the soda machine! It worked like a charm and helped save travel time and efforts of the students decreasing frequent trips to the Coke machine.
EVOLUTION of IoT:
IoT has transformed homes into "smart homes," buildings into "smart buildings" and cities into "smart cities". It has only been projecting far and wide redefining comfort and simplification of building O&M (operations and management).
Futuristic technology has decoded security trends and created a stable source for better IoT security. Besides, around 48% of enterprises could not detect the breach of their IoT devices. Giving all the more reason to be in sync with technology and its trends. With future AI solutions, the IoT system has further broken down the smart city technology.
There are multitudes of tasks that IoT can do! Thermostats are realigning their measurements, IoT security cameras and motion detection sensors, demand-response to shopping and filling up the inventory when empty and so much more…
IoT systems have revolutionized the world of health care. It can handle tasks as complex as real-time monitoring of vital signs, or as simple as setting up alerts to pave the way for a more healthier lifestyle.
The implication of smart IoT sensors in agriculture has facilitated the cultivation of crops with precision. There are better water-treatment facilities and room for water saving. These applications are beneficial for nurturing the soil and also aid in saving money.
Smart city solutions include easy traffic navigation, cleaner building spaces, monitoring energy and air temperature, inventory management and more.
FUTURE and FORECAST of IoT:
As per the analysis of IoT analytics, it is likely that there will be more than 29 billion IoT connections by 2027.
Another analysis in the satellite IoT sector from IoT Analytics predicted a CAGR of 25% between 2022 to 2027 and is expected to grow from 6 million to 22 million.
With the implication of IoT and AI, there is a question of IoT security. IoT trends are booming with the predominant application of industrial IoT projects and initiatives in Industry 4.0.
Besides, when hovering over futuristic technology and IoT implications, aspects of digital protection must also be fortified. This resonated well with IoT security provision alongside remote IoT device platforms.
With IoT, building automation embarks on a journey aiming for a better future of the internet and building connectivity.
Click here to get a personalized enterprise IoT solution.
2. IoT statistics:
According to IoT analytics, the total number of global IoT connections grew by 18% in 2022. They have an estimated growth of 16% in 2023.
Several studies have backed that the Global Internet of Things (IoT) market is expected to grow immensely in the upcoming years. According to Fortune Business Insights, the market size is projected to reach $3,352.97 billion by 2030, up from $662.21 billion in 2023. This represents a compound annual growth rate (CAGR) of 26.1%.
According to the GSMA Intelligence Report, the total number of IoT connections in North America is projected to grow from 2.9 billion in 2020 to 5.1 billion by 2025.
Besides, IoT analytics also predicted a steady growth of 19% and is estimated to reach $483 billion by 2027.
Companies such as Walmart, Tesla etc. have not just connected to IoT devices but are looking for opportunities to expand imbibing IoT innovations and solutions. Besides, worldwide spending on IoT systems is expected to grow by $1.1 trillion in 2023. The growth IoT market has been constantly growing at 40% since 2018.
According to Statista, IoT devices available worldwide are bound to double in size. The number of IoT devices in 2020 was 15.1 billion and in 2030, it is forecasted to be over 29 billion. Moreover, back in 2020, even with the onset of covid-19, the IoT market flourished in all verticals. This included all types of industry and consumer markets. In 2020, around 60 per cent of all the available IoT-connected devices came from the consumer market alone.
5 Innovative IoT Trends to Keep an Eye on!
Here are the top 5 IoT trends that are stirring the business world!
1. IoT data analytics:
AI integration along with Edge computing has been on the rise in recent years. This integration enables IoT devices to respond faster and reduce latency. It has significantly decreased the burden on the facilities' centralized cloud systems.
Meaning, the rate at which the computation of IoT-derived data has increased. IoT systems are significant in comprehending, managing and deriving data from digital and non-digital assets and deducing them into useful insights. These analytics, trends and insights have raised the grounds for improving facilities and asset data management.
2. 5G IoT connectivity:
5G has indeed impacted IoT and reframed it into 5g IoT technology. The 5g IoT is now faster and more reliable in terms of connectivity. These 5G IoT networks are designed to support numerous IoT devices simultaneously.
5g IoT also has several new use cases and applications, making them a suitable fit for various verticals and sectors for smart city solutions. The 5g IoT market value is predicted to increase with a growth rate of 35.1%. The forecast period is 13.2 billion dollars in 2023 and by 2028, 59.7 billion dollars.
3. IoT security:
The indulgence of a plethora of connected assets and devices in multiple facilities and networks does create room for security and privacy concerns! As the number of IoT devices increased, so did concerns about security and privacy.
Also, it gave manufacturers, researchers and industrialists a reason to be more particular and well aware of data protection and security. Safeguarding IoT systems can help in preventing unauthorized access to connected devices. It is also eventful in accomplishing a strong foundation for safeguarding connected buildings from security threats and phishing attacks.
4. IoT Digital Twins:
IoT Digital twins are the most diligent and advanced versions of digital twins. They are very advanced and also harbor information and real-time data from the IoT sensor.
They are crucial for industries looking for solutions to overcome their service requests and streamline other building-related services like maintenance and services.
5. Industrial IoT (IIoT):
There is a positive change to industries imbibing the best of technology and being on par with innovations like IoT. Industrial IoT or IIoT has several applications and can help combat the challenges in manufacturing, real estate, restaurants, logistics, and supply chains.
As per a survey by Accenture, IIoT has the potential to add $14.2 trillion by 2030 to the global economy. The major contributors are the healthcare and manufacturing sectors.
So, IoT is here to stay and is like a liquid fitting seamlessly and adapting to new technology and conditions. Businesses must know the value of implementing it for a well-connected and smart building solution.
Contact Sclera for a customized IoT solution for your industry!
