Expanding IoT Adoption Statistics, Projected Growth from 2018:
In 2018, the world of technology was abuzz with anticipation for the future of the Internet of Things (IoT). Several key trends and challenges were forecasted to shape its development, as major industry players and alliances worked towards creating unified standards for device-to-device communication, ensuring seamless interaction across different brands and devices.
One of the most significant concerns in the growing IoT landscape was security. With the number of connected devices increasing, ensuring data privacy and protecting against potential hacks became critical for the widespread adoption of IoT technologies.
The potential impact of IoT on various industries was also a hot topic. From healthcare and automotive to agriculture, IoT was expected to enhance efficiency and provide real-time data analysis, transforming the way these sectors operated.
The integration of IoT in urban planning and infrastructure was seen as a way to improve public services, enhance decision-making, and create more sustainable environments. Meanwhile, technological advancements in IoT devices themselves, including better sensors and processing capabilities, were expected to drive further innovation and adoption across different sectors.
Fast forward to the present day, and the landscape has evolved significantly. Advancements in 5G, edge computing, and AI integration have further propelled the growth of IoT. The market is set to witness a significant growth, with a potential for the world to become connected.
In 2018, it was estimated that IoT would make a yearly economic contribution between $3.9 trillion to $11.1 trillion by 2025. By 2020, the number of Internet of Things devices was expected to grow to 31 billion globally. The B2B IoT market was forecasted to make over $300 billion yearly by 2020, and the IoT market was set to rise from $157 billion in 2016 to an estimated $457 billion by 2020.
The two domains enterprises are using IoT solutions for today are refining customer experiences (70%) and enabling safety (56%). The industry will see greater investments, widespread adoption, and a rise in IoT app development services.
Greater data security has remained a focus, with the demand for IoT Mobile apps to connect devices and a need for an IoT Application Development company on the rise. The three most common uses of data generated using IoT solutions are attaining cost efficiencies, bettering the organization's abilities, and gaining supply chain visibility (53%).
Enterprises expect IoT solutions to increase revenue and open up new markets. It is expected that $6 trillion will be spent on the Internet Of Things (IoT) solution industry from 2015 to 2020. Mobile apps have become an integral part of IoT, serving as the bridge for connecting devices in various sectors such as healthcare, consumer electronics, retail, and connected wearable apps.
By 2025, the number of Internet of Things devices is expected to cross 75.4 billion, with the global number of connected devices having already surpassed 20 billion in 2017. The International Internet of Things (IoT) industry is expected to rise to $8.9 trillion in 2020 from $2.99 trillion in 2014, reflecting the ongoing growth and evolution of this transformative technology.
Technology and data-and-cloud-computing continue to play a crucial role in the development and integration of IoT solutions in various industries. For instance, IoT mobile apps, which serve as the bridge for connecting devices, are essential for securing devices and generating valuable data for cost efficiencies, improving organizational abilities, and enhancing supply chain visibility. Furthermore, the IoT market is expected to witness significant growth, with a potential contribution of up to $11.1 trillion by 2025, indicating the ongoing transformative impact of IoT technology.
