Predictions of the IoT market are notoriously fickle, but a usually reliable market researcher has produced some very bullish predictions.
The Internet of Things is here and growing exponentially, say IHS Markit. This will see the number of connected Internet of Things (IoT) devices worldwide grow 12 percent on average annually, from nearly 27 billion in 2017 to 125 billion in 2030.
According to company, global data transmissions are expected to increase from 20 to 25 percent annually to 50 percent per year, on average, in the next 15 years.
“The emerging IoT movement is impacting virtually all stages of industry and nearly all market areas — from raw materials to production to distribution and even the consumption of final goods,” said Jenalea Howell, research director for IoT connectivity and smart cities at IHS Markit. “This represents a constantly evolving movement of profound change in how humans interact with machines, information and even each other.”
IHS Markit has identified four foundational, interconnected pillars at the core of the IoT movement: connect, collect, compute and create. The entire IoT is built upon these four innovational pillars:
- New connections of devices and information
- Enhanced collection of data that grows from the connections of devices and information
- Advanced computation that transforms collected data into new possibilities
- Unique creation of new interactions, business models and solutions.