With the proliferation of the internet, the next big thing in the queue of the most innovative advancements is the ‘Internet of Things’. The entire world is shifting towards IOT, which will hugely affect our lives in the coming five years. Forget about the connected computers, smartphones, and laptops with the internet, now there will be a huge number of smart devices associated with the internet and each other. Starting from home apparatuses to enormous industrial machinery, everything will turn out to be smarter than ever. Some tech specialists call it the 'Next Digital Revolution' while others announce it as the Next Generation of Internet’'.
Back in 2012, the market was entirely indeterminate about what a connected device is and so were the smartphones, televisions, and tablets, which were connected to the internet. Besides, the process of reorganizing M2M to better suit the IoT was still in its early stages, as was the debate of the variance between M2M-connected and IoT-connected devices.
Connected Devices by 2022
As per a research study, by the end of 2022, the connected devices are expected to reach 14 billion, beginning at 2 billion at the end of 2013. Majority of the IoT devices in 2022 will be focused on four industries, namely the intelligent buildings, automotive, healthcare, and utilities, as these industries are staying abreast of IoT developments.
Even if we kept aside the intelligent buildings, for the time being, the number of connected devices would reach roughly around 6 billion in 2022, starting from approximately 900 million at the end of 2013. Moreover, buildings consist of many independently connected devices; hence, the smart building industry incorporates a relatively high number of connected devices.
That does not merely imply that the smart buildings sector is the winner in the developing world of IoT opportunities.
Also, in terms of revenue, the IoT Market is expected to reach US$ 704.92 Bn by the end of 2022, spread across all the players of the ecosystem.
However, it’s not simply the number of connected devices and the revenues across all the industry verticals that matters; it’s even more intriguing to take into consideration the applications which will be influenced significantly.
A more detailed look at the utility industry uncovers that more than 90 percent of all connected devices will be related to smart metering applications. Electric vehicle charging, as well as the transmission and conveyance, will be of just minor significance as far as the number of connected devices is considered. In any case, even application areas with similarly low numbers of connected devices may offer lucrative opportunities for developing new solutions and achieving success in the commercial sector. In smaller application areas, the number of players and competitive pressure will probably be lower, while the impact that revenue or efficiency have on new solutions won’t be truly linked to the number of connected devices.
So, are you ready for the age of connected devices?