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The IoT functions as a global infrastructure for the information society, enabling advanced services to interconnect things based on existing and evolving communication technologies (ICT) and interoperable information and ability to communicate with each other independently without human intervention will open up new revenue streams, drive business efficiencies, facilitate new business models, improve the way existing services are delivered across many different sectors.
INTRODUCTION:
The global Internet of Things (IoT) market size was USD 308.97 billion in 2020. Based on our analysis, this market exhibited a significant growth of 23.1% in 2020 compared to the average year-on-year growth during 2017-2019.The market is projected to grow from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period. The steady rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
In the scope of the study, we have considered IoT platforms and solutions & services provided by the players such as – AT & T, Inc. offers solutions such as deployment services, vehicle solutions, integrated solutions, smart cities, and others. Cisco Systems, Inc. provides solutions such as network connectivity, data control, and exchange, connectivity management, edge computing.
Siemens AG provides solutions such as industrial edge, digital twin, and others. The global impact of COVID-19 pandemic has been unprecedented and staggering, with IoT solutions witnessing a negative impact on demand across all regions amid the pandemic.
COVID-19 IMPACT:
Healthcare officials and manufacturers are working relentlessly to provide the right services to protect citizens from coronavirus. Hospitals have started using connected thermometers to monitor patients and staff. For Instance,
In January 2021, Nuance Communication, Inc. launched an AI-powered virtual assistant platform for patient interaction to change voice and digital experiences throughout the patient journey.
The Shanghai Public Health Clinical Center (SPHCC) and seven other hospitals across China are presently utilizing temperature sensors to monitor COVID-19 patients to reduce staff risks at the hospital.
The front-line emergency departments are utilizing drones, telemedicine, and other tools to combat the pandemic better. For instance, China and Spain deployed drones to track citizens during the lockdown, whereas South Korea has installed drones to help clean parts of Daegu, an outbreak hotspot. Asimov Robotics Pvt Ltd, an AI start-up in Kerala, India, deployed robots at the entrance of office buildings and public places to dispense hand sanitizer and deliver health messages.
On the other side, as coronavirus outbreaks started in China, several semiconductor manufacturers witnessed supply chain disruptions due to workforce and transport issues’ unavailability. There was a rapid decrease in demand in the initial period. However, it is anticipated to get back to normal as companies are reevaluating their supply chain model and adopting several distribution strategies.
LATEST TRENDS:
One of the critical features of IoT technology is data management. Internet-connected devices collect massive data and information to process. However, there are a lot of security and privacy concerns linked with the IoT standard security gateway. The Blockchain-based architecture delivers lightweight and decentralized security solutions to connected devices. For instance,
In freight transportation applications, moving freight is a complicated process that involves an enormous number of parties with varying priorities. An internet of things-enabled Blockchain can record the arrival times, the status of shipping containers, temperatures, and position, when in a movable state.
Similarly, in the component tracking and compliance application, IoT data kept in shared Blockchain ledgers allows all parties to track component provenance throughout the product life cycle.
Thus, blockchain can help alleviate the scalability and security concerns associated with the IoT.
DRIVING FACTORS:
As the world moves towards urbanization, the rising number of smart city projects and growing government investment towards the digital ecosystem will increase IoT devices’ demand. The platforms and devices are used for monitoring mobility, infrastructures, and air and water quality to improve infrastructure, public services, and utilities. For instance,
As per IoT Analytics, the European Innovation Partnership for Smart Cities and Communities (EIP-SCC) has spent around USD 1.12 billion to develop 300 smart cities in Europe in 2019.
Europe is leading in smart city development across the globe. The EU has been proactive in inspiring its member nations to invest and improve smart cities. As per Business Insiders, the European Commission has owed around USD 439.6 million in 2019 smart initiatives. For Instance
According to research done by the City Motion Index (CIMI), London is amongst the smartest city in the world. London provides citizens with digital services, securely handles the city’s large data, and is working to improve the city’s roads and connectivity, as well as cybersecurity.
Furthermore, smart cities’ potential in coming years is expected to be nearly limitless, thereby accelerating the IoT market growth.
Connected Solutions to Offer Competitive Edge and Ability to Sustain in Market
The data produced from connected devices tend to be of interest only if subjected to review, which brings data analytics into the frame. Data Analytics is a method used to analyze large and small data sets with different data properties to draw valuable results and actionable insights. These results typically take the form of developments, patterns, and figures that enable market enterprises to interact proactively with data to execute successful decision-making processes.
Improved use of connected technologies contributes to increased data storage and transmission of all forms of data. Data analysis, deep learning, and artificial intelligence play an extremely significant and deciding role for connected devices in the organization. It helps to evaluate and interpret data for effective network management, mainly if it is widely implemented.
Regional Insights:
The market has been analyzed across five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific accounted for the maximum share owing to increasing smart city initiatives by the government and cloud spending in the region. Communication service providers and manufacturers in the Asia Pacific industry are expanding their portfolios to monetize IoT possibilities by creating data collection systems and incorporating advanced analytics capabilities in the existing systems. According to the GSMA Intelligence report, China is the largest industry, accounting for 64% of the 1.5 billion global IoT connections, and will show tremendous growth during the forecast period.
North America has made considerable progress in the adoption of IoT, especially in the industrial and automotive sectors. However, the rise in the number of data breaches has contributed to a need for protection solutions. Cloud platforms are experiencing strong adoption due to the demand for IoT. According to smartamerica.org, the US government will spend nearly USD 41 trillion in the next 20 years to update its facilities and benefit from this market.
The European market is predicted to show the highest CAGR during the forecast period. Germany, the UK, France, Italy, Spain, and the Netherlands are driving European IoT adoptions, but Eastern Europe and Nordic countries are trailing closely. To completely endorse an ambitious initiative for collaborative work and advancement in microelectronics related to connected vehicle solutions, the European Commission announced in January 2019 that it had authorized the usage of USD 2 billion dollars in public funds from the UK, France, Germany, and Italy.
In regards to the Writer
Title: Abhijeet Bendre
Abhijeet Bendre is a part of a proficient staff of content material writers working in Fortune Enterprise Insights™, one of the vital promising market analysis corporations within the trade. He has expertise in growing high quality content material and is at present concerned in writing articles, press releases, and blogs for the corporate. He’s extremely motivated and enjoys placing concepts and ideas into phrases to allow the reader to expertise a seamless perusal.
