With the exponential growth in internet usage, the internet of things (IoT) is expected to take the world by storm in the future. In fact, many consumers and companies are already migrating to IoT as they foresee the internet of things having a huge impact in the coming years. Here is everything you need to know about the evolution of the global IoT market, its growth and future.
The Evolution of IoT
First coined by Kevin Ashton—a British entrepreneur in 1999, the term IoT refers to a network of Internet connected objects able to collect and exchange data. Considering that there will be fifty billion connected devices by 2020, IoT has come a long way since it was first coined. So, how did this massive explosion of internet-connected devices occur? There are many possible explanations but this explosion was largely due to the evolution of convergence of multiple technologies, ranging from wireless communication to the internet and from embedded systems to micro electromechanical systems (MEMS).
From the traditional fields of embedded systems to wireless sensor networks to automation and more, a plethora of things helped enable and grow the internet of things. Over the past few years, IoT platforms have enabled rapid manufacturing of new products, dynamic response to product demands, and real-time optimization of manufacturing production and supply chain networks. They have achieved this by networking machinery, sensors and control systems together.
In addition to the above, IoT has helped automate process controls and service information systems. And, this ability of IoT is what gave birth to industrial internet of things (IIOT)—a form of IoT that is expected to contribute $14.2 trillion of global economy by 2030. So, what are the other predictions for global IoT in the future? Let’s find out.
The Future of the Global IoT Market
We already know that there will be an estimated fifty billion connected devices by 2020, but what are other predictions for future of the global IoT market? As the number of connected devices increase, the data collected by organizations will also increase. IoT platforms will employ sophisticated algorithms to analyze and deliver value from this data. Machine-to-machine (M2M) connections—a critical part of the IoT setup, is also expected to grow to eighteen billion by 2022. This will present businesses with a massive opportunity to improve and grow.
IoT is also expected to enhance operational and customer insights in the future. According to Gartner—the American research and advisory firm, IoT will add value and economic benefit worth $1.9 trillion in 2020 alone. Moreover, McKinsey & Company—the American worldwide management company, has identified six ways in which IoT will enhance operational and customer insights. These include tracking behavior for real-time marketing, optimized resource consumption, process optimization, enhance situational awareness, instantaneous control and response in complex automated systems, and sensor-driven decision analytics.