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How companies are accelerating the growth of internet-connected smart devices
The Internet of Things is a huge buzzword right now. The term refers to the use of devices connected to the Internet, but without traditional user input, such as on a computer or smartphone. Using news sources and expert reports, IoT Secure has gathered insights into how companies are accelerating the growth of the Internet of Things.
Every generation of electronic devices has gotten smarter, but it’s only recently that electronics have become “smart,” a technical term referring to smart TVs, refrigerators, and other internet-connected devices. These devices are able to communicate with each other and send data about user behaviors, for example, allowing you to use a phone app remotely to adjust your home thermostat so everything is cool and comfortable when you get home. you.
Home applications make up a large portion of the IoT device market, but there is continued growth with the potential to transform many different business industries. This is where the IoT is catching many business leaders excited as they look for ways to make manufacturing and other industries more efficient and better assess and respond to supply and demand. . Healthcare is another vital industry that could be revolutionized via the IoT, with better monitoring and support for doctors, nurses and home health aides.
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Business spending on IoT has increased by more than 10% over the past three years
Companies have increased their spending by more than 10% in each of the past three years on IoT devices. Some of that spending goes into developing devices for consumer use, such as smartwatches, wearable fitness trackers, and video game consoles. There has also been an increase in the cost of the raw materials that go into making the batteries that power these devices. Another part of the growth in spending comes from companies that are modernizing to fully integrate IoT devices into their operations. The main IoT growth sectors are healthcare and manufacturing.
There are approximately 18 billion IoT devices today
The Internet of Things is an umbrella term that encompasses “smart” devices like televisions and refrigerators as well as other machines like your car and video game console. These devices are connected to the Internet, but do not have the traditional user interface associated with a personal computer or a smartphone. But it’s easy to see how these categories could add to the estimated 18 billion IoT devices worldwide, with the potential for high numbers within the same connected family group. The number of devices will continue to increase as more and more people upgrade their home appliances and vehicles.
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Devices expected to create 90 zettabytes of information by 2025
According to global market information firm IDC, IoT devices are expected to create 90 zettabytes of total information by 2025. A zettabyte is a unit of one billion terabytes, or one trillion gigabytes — your smartphone may have 64 gigabytes of storage, by comparison. And it makes sense that IoT devices generate so much data. Devices include voice recognition devices like Alexa that regularly record sound as well as nanny cams and other camera-equipped devices that take photos or record video files. Some IoT devices have built-in storage, while others are designed to transmit data to a home computer, reducing the need for built-in storage.
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The economic value of IoT could reach $5.5 trillion to $12.6 trillion by 2030
McKinsey estimates that the IoT will become a $5.5-12.6 trillion industry by 2030. This growth will be fueled by use in the specific environments that will thrive most using IoT devices. These industries include manufacturing, where manufacturers can take advantage of smart devices that share data and provide instant feedback. Other industries adding value to the IoT include healthcare, where cutting-edge technology can save more lives and ensure better outcomes. McKinsey points out that in addition to these business-to-business applications, IoT devices have proven popular with consumers for home and car use.
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It is estimated that China will capture more than 26% of the total value of IoT devices by 2030
As a manufacturing hub home to 1.4 billion people, McKinsey estimates that China will hold more than 26% of the global IoT industry’s value by 2030. With such a large share of the potential market of IoT, China has an opportunity to capitalize on what McKinsey identifies as the two most valuable parts of IoT value growth. The first is the productivity of operations, that is, how efficiently people and machines are able to manufacture materials, construct devices, and so on. Second, improving human productivity, a category that could include workers in almost any industry.
This story originally appeared on IoT Secure and was produced and distributed in partnership with Stacker Studio.
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Using consumer data and predictions, IoT Secure has put together five ways businesses will increase their spending on connected devices.
