The Internet of Things (IoT) is a widespread network of interrelated and connected smart devices, sensors, objects or people that are provided with a unique ID (UIDs) and are accessible through the internet. The ‘thing’ in IoT could be any object that has been assigned an IP address and has the ability to collect and transfer data over a network without the need for human intervention for assistance. IoT enables devices to observe, understand and analyze a situation or the surroundings without being dependent on human intervention.
The technologies IoT supports can sense the surroundings in numerous ways such as monitoring pressure, temperature, viscosity, and geo-positioning. While in the past, sensors had to be connected to a local computer system and controlled by an embedded module, IoT allows users to use affordable wireless technology in unison with cloud technologies. This subsequently provides a place to save data as well as the ability for management and security.
Billions of people around the world use a smartphone, with that number increasing rapidly every day. With a single application on a device, IoT devices can be efficiently managed and monitored. Mobile applications play a significant role in enhancing the growth of IoT. The IoT is a very powerful technology and can make life a breeze in a paced society. With the use of IoT based applications, there are unparalleled benefits, which could improve the quality and efficiency of businesses and accordingly improve user experiences.
The recent rise in the internet of things (IoT) has ushered in the “fourth industrial revolution”.
Some of the IoT statistics that firmly justify the rise of IoT as technology are:
1) About 20.4 Billion IoT devices are estimated to be in use by 2020
Gartner estimates that 20 billion connected IoT devices will be in service all over the globe by the end of the year 2020.
2) Around 127 new devices get connected to the internet every second
The number of average new IoT devices being connected every second to be up to 127. Following the rapid growth, 328 million things are being connected every month.
3) The IoT global market is forecast to be worth $1.7T in 2019
By the end of 2019, the global IoT market is forecast to be valued at more than $1.7 trillion of which, consumer electronics share the largest sector of the IoT market.
4) The number of IoT cellular connections is expected to reach 3.5B in 2023
According to Ericsson, cellular IoT is expected to reach 3.5 billion connections in 2023 – increasing with an annual growth rate of 30%.
5) IoT initiative to grow as much as 54% in the entertainment industry
Accenture has predicted a 54% growth for the IoT initiative in the entertainment and media industry.
6) 98% of automobiles will be connected to the internet by 2020
It is predicted that 98 percent of cars will be connected to the Internet by 2020.
7) By 2019, more than 85% of enterprises plan to implement IoT
Key benefits from IoT for large enterprises lies in increased IT effectiveness, business expansion, and a boost for innovation. The most common IoT tech adopted by enterprises consists of mobile devices, energy meters, and smart appliances.
8) Samsung is the top patent holder with 820 patents to its name
As of today, Samsung, Qualcomm, LG, Huawei, and Intel are the top five patent holders in the IoT industry. They all together control over 13,300 patents with Samsung being the highest contributor.
9) 29% of developers prefer Microsoft’s Azure IoT Suite for enabling connected devices
Microsoft’s Azure IoT Suite as a platform is favored by 29% of developers, with Google Cloud IT second (24%), and Amazon AWS IoT third (19%).
10) The North American market of IoT is expected to be worth more than $514B in 2021
The U.S. market for connected cars is predicted to be worth about $514 billion by 2021, soaring well over the $137 billion markets worth in the year 2016.
11) The IoT global healthcare market will be worth $158B in 2022
The IoT in the healthcare market is expected to exceed US$ 158.07 Billion by 2022 at a CAGR of 30.8%.
12) The IoT global retail market is projected to grow to $35.64B by 2020
The IoT global retail market is projected to grow from USD 14.28 Billion in 2015 to USD 35.64 Billion by 2020.
13) The global smart homes market will be $151.4B in 2024
The smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024 (Source).
14) The global IoT in the education market size is expected to grow to $11.3B in 2023
The IoT global education market size is expected to grow from USD 4.8 billion in 2018 to USD 11.3 billion by 2023
15) The banking and financial IoT services market size is expected to grow to $2.03B by 2023
Banking and financial services sector’s market size for IoT is expected to grow from USD 249.4 million in 2018 to USD 2,030.1 million by 2023 (Source)
16) The global IoT in manufacturing market size is projected to reach $45.3B by 2022
The global IoT in manufacturing market size was about USD 10.45 Billion in 2016 and is projected to increase to about USD 45.30 Billion by 2022
17) In IoT, companies could invest up to $15 trillion by 2025
According to the report, there could be an upwards of 15 trillion aggregate IoT investment by 2025.
18) The total economic impact could range between $4 and $11 trillion per year by 2025
According to McKinsey Digital, IoT has a total potential economic impact ranging between $3.9 trillion and $11.1 trillion a year by 2025.
19) Over 805 of industrial manufacturing companies are using or planning to use IoT devices
According to a survey by TechRepublic, 82% of respondents have already implemented IoT, or are running a pilot project.
20) 80 Percent of Retailers Will use IoT to customize store visits in the future
By 2021, an estimated 79% of retailers will be able to use IoT as a tool to customize store visits, as a majority of them will know when a specific customer is in the store.
Internet of Things (IoT) will be one of the largest driving forces of future application development. While IoT devices are clearly already having a tremendous influence on the infrastructure of the world network, the impact is only going to increase in the future. By considering the aforementioned statistics, businesses can begin to position their business plans to take advantage of the tremendous opportunities for expansion and evolution that come packaged with IoT.