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The machine-to-machine networking is expected to unlock $19 trillion worth of economic opportunities over the next decade. The biggest companies are lining up to claim their share in this tremendous growth.
It has been predicted that by the year 2020, there will be 50 billion or more internet-connected devices in the world. According to the latest stats and figures, the IoT will receive an investment of $6 trillion and will produce an ROI of $13 trillion.
These numbers prove the potential of this technology with products like wearables, connected manufacturing machines, industrial sensors and in-story analysis devices already gaining a huge market.
In 2015, the global wearables market saw a growth of 223%, as Apple managed to sell 3.6 million Apple watches and Fitbit shipped 44 million devices to different parts of the globe. The shipment predictions state that the number will increase to 215 million in 2019.
The PwC conducted a survey on 1,000 US consumers in 2016 with 45% of them saying that they own a fitness band, 27% had a smartwatch, and 12% had ventured into smart clothing too. It was also inferred that wearable technology makes 80% of them efficient at home and 78% efficient at work.
Such homes are an integral part of the IoT and are going to be a major influence in bringing more comfort in the lives of people. The findings by Business Insider Intelligence state that companies will ship up to 1.9 billion connected home devices and collect about $490 billion in revenue.
It was estimated by Kagan, a media research group part of S&P Global Market Intelligence, that the number of smart homes by the end of 2016 was 15 million. With more people coming towards this technology, it won’t be a surprise if people consult topremodelers to shape their homes in a way that they become compliant with IoT.
With Google taking the lead in this regard, the self-driving cars have already become a reality. As of now, each and every car maker is working on such cars despite the fact that the technology is still at an infant stage and incomplete.
The cars of the future will be capable of doing a lot more than just taking the wheel from the human drivers. From avoiding collisions to parallel parking, these cars would be able to do all the things which we can possibly imagine.
When we talk about the economic impact of IoT, the smart cities are going to be a huge segment of the growth. Persistence, Frost & Sullivan, and Smart Cities America Challenge see a lot of investment in this avenue in the course of next 10 years and believe that IoT will indeed be integrated into the entire infrastructure.
Biggies like CISCO and IBM have been pursuing this dream for years and agree that smart cities will be the driver of the growth in near future. Imagine yourself enjoying better water flows, low energy usage, the improved flow of traffic, and a supreme quality of life.
With efforts still in progress to overcome barriers like privacy and security concerns, the fragmentation of technology, and implementation issues, the IoT is soon going to become the biggest reality of our lives. Over the next 20 years, this technology is going to transform the way we live in this world and will facilitate automated decision making.
