7 Things We Can Expect From The IoT Connectivity Industry In 10 Years
The IoT connectivity industry can change the face of technology by 2030; the Internet of Things (IoT) has changed what it means to be connected. Through ecosystems of connected devices, manufacturers could give each user a unique experience. In 2021, the global IoT market was worth $213 billion, and predictions from the IoT connectivity industry say that by 2030, it will be worth $621 billion. As interest in the IoT market keeps growing, there is a need for information about IoT connectivity industry trends. You can look up industry trends and predictions to find out how the IoT market will change in the future.
The number of IoT devices that are expected to be in use by 2030 could reach more than 29 billion. These devices will be used in both business and personal settings. Similar predictions about the IoT market give an idea of what it might be able to do in the future. In the next post, you’ll learn some important facts about the growth of the IoT market. You can also find out about the most important trends that will shape the future of IoT.
Important Predictions for the IoT
A review of a forecast for IoT-connected devices would show many important things about the future of IoT. The predictions for the IoT market give us an idea of where the IoT industry and applications might be going in the future. So, businesses or developers working on IoT projects can respond well to new opportunities and challenges. Here are some interesting predictions for IoT growth in 2030.
The market for consumer IoT grows
With a CAGR of 12.7%, the consumer IoT market around the world could be worth $555.92 billion by 2030. Such predictions suggest that smart technologies and Internet of Things (IoT) devices, like smart home devices, smart wearables, and fitness trackers, may be used more.
IoT devices that are connected
According to predictions, the number of IoT-connected devices is expected to rise sharply by 2022. According to the data about IoT-connected devices in 2022, there will be 16.4 devices worldwide. The number could reach 19.8 billion in 2023. Long-term predictions for the market for IoT-connected devices say that by 2025, there will be more than 30 billion IoT-connected devices worldwide.
Value of IoT to the Economy
The expected economic value from IoT connectivity would be another important part of IoT forecasts. The Internet of Things could unlock between $5.5 trillion and $12.6 trillion in economic value by 2030. Estimates of the IoT’s economic value would also take into account the value created by the consumer IoT market.
Which industries will make the most use of IoT?
The list of IoT growth statistics also shows the big applications that will rule the IoT market in the future. At the moment, about 23% of all enterprise IoT projects are Smart City projects. Connected Industry is the other big player in enterprise IoT use cases, with about 17% of the market.
It’s also important to find the big industries that are likely to be the first to use IoT in the future. The Internet of Things is used a lot in agriculture and medical care. By 2022, the healthcare IoT market will be worth $158 billion. On top of that, IoT connectivity industry forecasts show that IoT might be used more in retail markets if certain things happen. IoT applications in retail markets could be the basis of a $35.5 billion market by 2025.
Devices for IoT Use Cases in the Home
IoT industry forecasts also focus on how IoT could be used, especially in the consumer market. Most consumer IoT devices, like smartphones, will focus on the internet and media devices. In fact, smartphones will be the reason why there will be 17 billion IoT-connected devices by 2030. Some other important uses for which more than 1 billion IoT devices would be needed are IT infrastructure, smart grids, self-driving cars, and tracking and monitoring of assets.
How IoT Will Change Manufacturing
IoT has the capability to bridge the gap between the physical and virtual worlds with vital plausible implications for the economy and society. The manufacturing industry could use IoT to improve the efficiency of operations and the management of physical assets. Most important of all, IoT could offer a core element for ensuring effective digital transformation. According to the forecast for IoT-connected devices, IoT use cases in standardised production environments could bring in between $1.4 trillion and $3.3 trillion by 2030.
In order for IoT to create value in manufacturing, different operations would need to be optimised for better efficiency. So, almost 32% to 39% of the economic value created by IoT could come from its applications in operation management. By 2030, IoT applications that improve the way operations are run could help the economy earn between $0.5 trillion and $1.3 trillion.
The future of IoT in health care
Healthcare would be the next big area that could take over IoT in the future. In fact, healthcare is the second-biggest contributor to the economic value created by the Internet of Things (IoT). The growth numbers for IoT in the healthcare sector suggest that IoT use cases in healthcare would make up 14% of the total economic value of IoT. IoT solutions like connected heart monitors and glucose metres are increasingly used in healthcare. This has made finding new ways to use IoT in healthcare is easier.
IoT in Healthcare Market to Generate Revenue Worth $267.6 Billion by 2023
Get More Insights: https://t.co/wUxUrOy4tL pic.twitter.com/cn1Z7wOFaC
— anany joshi (@ananyjoshi4) February 28, 2023
Can self-driving cars speed up the IoT industry?
Autonomous vehicles are one of the IoT use cases that generate the most value. If you asked, “What do you think the future of IoT will be like?” the answers would obviously be about how sensors make self-driving cars more efficient. Customers want self-driving cars to be more reliable and safe. Because of this, the safety features built into self-driving cars would also increase the economic value added by IoT. By 2030, IoT use cases for safety and security in self-driving cars could be worth between $130 billion and $140 billion, according to predictions.
This car literally has a pair of eyes, and they’re big.
Jaguar Land Rover developed it to study human trust in self-driving cars.#gigadgets #ev #IoT #tech #ai pic.twitter.com/95BjgfOeGv
— GiGadgets (@gigadgets_) May 2, 2020
How will the IoT business look in the future?
The fact that the IoT industry is growing quickly and that the number of IoT devices will slowly rise by 2030 is a good sign for the industry. But it is also important to find out what IoT will mean for the future. Will growth in the number of IoT devices alone be enough for the industry? The following trends could help you figure out what the future holds for the Internet of Things.
Circular Economy and IoT: IoT companies have made it easier to reduce waste, increase personal freedom, and save energy. IoT projects, however, can only last if they have access to many data sources. How responsive IoT networks are and what they do would depend on how well the network connects to data. For an IoT system to be responsive and high-performing, the suggested actions focus on increasing the use of IoT devices and extending the time they are in use through predictive maintenance.
The IoT connectivity industry’s prediction about the IoT and the circular economy would use Michelin as an example. The well-known tyre company put sensors in tyres to better understand how the tyres wear down over time. Customers can use the data to figure out when they need to replace their tyres, which keeps them from having to pay for repairs they don’t need. Also, sensor data could help Michelin make better tyres by making the manufacturing process more efficient.
IoT and 5G networks
Plans for using 5G networks would also be one of the most important parts of predictions for the future of IoT. 5G mobile broadband networks could support faster data transfer rates with much less latency. When 5G comes out, the number of IoT-connected devices could increase by 2030 because it can meet IoT apps’ real-time network performance needs. At the same time, the low latency of 5G networks can help IoT networks connect and work better.
Using AI to improve the Internet of Things
The next big thing to look out for in the future of IoT would be the possibility that AI and IoT could work together. Gartner says that artificial intelligence is one of the most important strategic technology trends and that it will have a big impact on the IoT. AI and the Internet of Things (IoT) work well together and help us gain access to very valuable insights.
When asked, “What do you think the future of IoT will be like?” the answers would explain how the growing number of IoT devices can help push the use of AI with IoT. IoT devices create a lot of data, and artificial intelligence can help get useful information out of it. By 2025, IoT devices are expected to create around 73.1 ZB of data. Gartner had said that by the end of 2022, artificial intelligence would be used in more than 80% of IoT projects.
Providing what users want
The IoT predictions for 2030 would also stress how important it is for IoT platforms to have features that focus on the user. Businesses plan to spend around $1.1 trillion on IoT projects in 2023, so spending on IoT solutions will keep increasing. But most of the money spent on IoT would go towards making software for IoT.
Many companies deal with IoT devices, so they need good ways to manage the software that goes with each device. So, developers could look to containerized applications as a way to improve the IoT software ecosystem in the future. Containers could help IoT companies add useful features that make user experiences better.
The building blocks of Industry 4.0
Technology is in its most dynamic time right now, with a lot of new ideas being tried out in areas like blockchain and machine learning. The Internet of Things could be one of the most important new technologies that can change the way manufacturing and industrial applications are done.
The estimates for IoT-connected devices show how IoT would become a must-have for collecting data and making operations run more smoothly. Industries think IoT, big data analytics, cloud infrastructure, and AI are the most important part of Industry 4.0.
Improving the security of the Internet of Things
By using IoT, more user data would be at risk of vulnerabilities that have never been seen before. Palo Alto Networks says that bad people can attack about 57% of IoT devices. The results of Palo Alto Networks also show that 83% of medical IoT devices use operating systems that aren’t supported.
By 2024, the IoT endpoint security market could be worth more than $18 billion, and it will continue to grow as IoT grows. Also, the rise in the number of IoT devices by 2030 makes it important to use blockchain as a security tool for IoT. Identity management for IoT networks and cryptographic security for IoT data could both be possible with blockchain.
The IoT landscape is becoming less centralised.
When people talk about “What do you think the future of IoT will be like?” they also talk about how IoT will become less centralised. Decentralizing IoT with blockchain technology not only makes it safer but also makes it easier for the IoT network to do computing. Decentralization could have a lot of benefits that could help IoT platforms use data analytics to make better decisions.
Also, read – What Is The Best Way to Learn Blockchain IoT Skills For GenZ?
The future of IoT looks good when you look at important predictions and growth statistics. The Internet of Things gives us the chance to get the most out of every technology use case. IoT use cases are busy making the future right now, from keeping an eye on farms to managing the supply chain.
At the same time, the unstoppable growth of the IoT market has been shown by the exponential growth of the number of IoT devices. The future of IoT includes examples of how IoT has helped the economy in different areas and made operations more efficient. You should learn more about the Internet of Things (IoT) and how it will affect future business model innovation.