The most popular and comprehensive Open Source ECM platform
Let us know more
Internet of Things: Drop in Sensor Costs Drive IoT as a new Mega-Trend
Global spending on the Internet of Things (IoT) is expected to reach $745 billion this year and to go beyond $1 trillion by 2022, according to IDC.
Sensors alone had a market size of $9.6 billion in 2018 and are expected to grow to $34.4 billion in 2024, according to Analytical Research Cognizance.
Carrie MacGillivray, vice president at IDC, said that “adoption of IoT is happening across industries, in governments, and in consumers’ daily lives. We are increasingly observing how data generated by connected devices is helping businesses run more efficiently, gain insight into business processes, and make real-time decisions.”
A Microsoft report estimates that the number of IoT connections will grow into the many billions over the coming years.
One major factor driving the growth in number of connections is that the cost of IoT sensors has been rapidly dropping.
In a report on IoT as the next global mega-trend, a Goldman Sachs report said “the global industrial sector is poised to undergo a fundamental structural change akin to the industrial revolution as we usher in the IoT. Equipment is becoming more digitized and more connected, establishing networks between machines, humans, and the Internet, leading to the creation of new ecosystems that enable higher productivity, better energy efficiency, and higher profitability. The IoT has the potential to impact everything from new product opportunities, to shop floor optimization, to factory worker efficiency gains that will power top-line and bottom-line gains.”
The Internet of Things (IoT) is emerging as the
third wave in the development of the Internet. The 1990s’ fixed Internet wave connected 1 billion
users while the 2000s’ mobile wave connected
another 2 billion. Trend changes every time.