The IoT Market Will Exceed 1000 Billion Within Three Years

According to GlobalData’s latest report on connected objects, the wave of digital transformation generated by the Covid crisis will fully benefit IoT in the months and years to come.

According to these data, the global market linked to the Internet of Things should represent some 1077 billion dollars by 2024 against 622 billion in 2020.

A market essentially dominated by companies’ needs, representing 73% of the total turnover expected in 2024…

IoT: The pandemic has accelerated the development of uses

According to the authors of this report, the current COVID-19 pandemic has highlighted the crucial role that IoT has come to play in our lives.

Several IoT use cases have seen increasing adoption during the pandemic, including the use of connected thermal cameras to detect potential COVID-19 infections and sensors to monitor office occupancy levels.

The demand for technologies that can help the workforce return to work safely increases and is likely to continue to grow.

IoT applications such as contact tracing devices and portable health monitoring devices deliver critical data to help fight the pandemic.

A technology of the future instead well received.

These new use cases have created a positive attitude towards IoT as a critical enabler of the future.

Brakes remain…

According to this report, today’s IoT systems lack three essential characteristics to develop internationally successfully:

• First, unstructured and fragmented security regulations are significant obstacles to the broader adoption of IoT: whether in consumer or enterprise IoT.
• Second, there is no such thing as a global standard for IoT communication. The global IoT market can only take off when all connected devices speak the same language.
• Third, alongside this lack of standardization, today’s IoT ecosystems lack real-time intelligence, which relies heavily on edge computing and artificial intelligence of objects (AIoT).

For the IoT to be ubiquitous, these three shortcomings will have to be corrected.

Also Read: Security In IoT Devices A Pending Issue