The global IoT market is expected to reach a value of USD 1256.1 billion by 2025 from USD 690 billion in 2019 at a CAGR of 10.53%, during the period 2020-2025. With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, an increase in cloud platform adoption, the market is expected to grow at a positive rate.
- The internet of things technology helps in connecting various smart devices together to ease the operation and sharing of data amongst themselves. There are various smart devices, such as sensors, smartphones, and wearables, which collect necessary data from the devices which are further utilized to enhance customer’s experience. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.
- The growing adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, is driving the market’s growth positively. With the traditional manufacturing sector amid a digital transformation, the IoT is fueling the next industrial revolution of intelligent connectivity. This is changing the way industries approach increasingly complex processes of systems and machines to improve efficiency and reduce downtime.
- Industry 4.0 and IoT are at the center of new technological approaches for development, production, and management of the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to industry 4.0 and acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production with technologies that complement and augment human labor with robotics and reduce industrial accidents caused by a process failure.
- Moreover, owing to the recent outbreak of Covid-19, IoT investment and deployments are ecratinly slowing down. However, with major disruptions in global healthcare and supply chains, governments, hospitals, insurers, and logistics providers are having to react quickly for a more connected world that could help better address the current crisis and mitigate future ones.
- However, the vendors are taking opportunity in the Covid-19 pandemic situation by offering emerging technology-enabled solutions to the healthcare organizations. For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) has used the California-based connected health startup VivaLNK’s continuous temperature measuring device to monitor COVID-19 patients, which therefore reduces the risks of caregivers being exposed to the virus.