Internet of Things (IoT) is one of the most trending technology around the world. As more and more businesses are accepting this approach for connecting all their activities for devices within their premises. Sharing information and using the data for more decision-making procedures.
Especially for businesses, IoT will bring enormous changes in several industries that include home security, automotive, healthcare, etc. There are also several common benefits associated with the IoT connected devices that are:
Ease: With IoT application for smart home, businesses, and automotive, there will be additional information about every device. With inter-connectivity, you can manage, control, and give instructions for devices from thousands of miles away.
Efficiency: Instant real-time information will provide us loopholes, errors, and more productive methods for every step of the device use.
Connectivity: The importance of IoT is essential with connectivity to keep monitoring multiple devices
More productivity: With more data about the organization, the current and predictable analysis will help managers, administrators & owners to enhance their schemes and get more productivity through the same procedures.
Here are the main IoT trends, facts, and statistics that you should know in 2020
Most of the business today know about prevalent IoT technologies. Still, only a few are aware of its exact scope, use, and perspective for the future.
On an estimate, there are 127 IoT devices added to the online world every second. Thus, making it one of the most trending technology in the whole world.
More than 90% of the enterprises will have adapted to IoT in varied forms of use.
Around 80% of the manufacturing companies are using IoT infrastructure in their premises helping, them to automate their procedures, streamline their repeated tasks, and get more productive results from thereon.
Another estimate put that 90% of the cars will have some web connectivity by early next year.
The industrial market cap size is estimated to be around $124 billion by the year-end of 2021. And with more than $1.1 Trillion will come in as investment by 2023 as more companies invest in IoT to expand their user market reach.
The number of IoT devices is increasing at a tremendous speed with 7 Billion in 2018, 31 million by 2020, and reach around 75 Billion by 2030.
The combined market size for IoT by 2021 will become 520 Billion from 400 billion in 2020.
More than 60% of the US cities are looking to invest in future IoT hubs. These will become the center for modern businesses driving the next revolution for the future. Almost 90% of the retailers have started using IoT in their premises in automating manual tasks and streamline activities for enhanced productivity.
Consumer markets for IoT electronics will increase from $90 billion to $180 billion from 2017 to 2022 respectively. And as per the Forbes, the industrial Internet of things (IoT) will enhance to $123 Billion by 2021.
64% of the total power companies will have a dependence on IoT devices by 2022.
IoT in automotive-
With inter-connected vehicles and advancements have seen huge investment in the range of $100 billions on several research and developments in the last few years. Driverless cars are running in some of the top organization premises, and tests are conducted regularly all over the world. IoT applications in automotive will further add more advanced features, smooth user experience, and futuristic vision for the automotive industry.
IoT Home security model
It has shown a remarkable rise in the last few years with CCTV, etc., and expects to rise at an overwhelming size of $53.45 billion by 2022. Especially for IoT for smart home, will provide added security measures for family members. Remote monitoring can be done effectively far from home. The Home IoT market will have an essential impact as more and more individuals will opt for these devices.
By 2023, we can further expect more security features for IoT devices. And with 5G, it is going to be a huge shift from the traditional sharing of information. With billions of data, packages will share information seamlessly and help make more optimized decisions for the future. And there is exceptional growth expected with more than 1.9 Billion mobile new devices that will emerge by the year 2024.
Higher technical professionals understand the value of this futuristic technology. And nine out of ten professionals in Media, telecom, and Technology believe that the Internet of Things (IoT) will drive success for the next generations.
IoT’s impact on business –
It will see in almost every industry as more and more businesses, leverage this futuristic technology to get benefits. Most of the IoT health care in India will also be impacted by newer technologies that provide more shared information for the industry.
Managing the IoT data is going to be a huge problem for modern devices. As millions of data stream will need more flexible and scalable servers for coping with IoT data. The economic impact of IoT cloud will also see a swift rise as more and more businesses will opt for this. There is an expected impact of around $4 to $11 Trillion every year by 2025. So industries will now prefer IoT for the next five years as more and more business shift their premises within IoT infrastructure.
IoT technology is here to stay and is catching the eye of every industry with its predictive analytics, monitoring, improving performance, and decision making for long term strategies. At PSI Borg, we offer impeccable IoT end-to-end integration for businesses to help them expand in the rising markets to gain additional advantages from their competitors.
Overall, IoT is transforming the lives of people in every aspect. Modern smart cities will have all the devices connected. From our home TV, fridges, radios, fans, lights, ac, heater, locker, and all electronic devices will share information with the remote user. So they can seamlessly control the nature of their home environment with this technology.