Welcome to today’s post where we are trying to find out the Internet of Things (IoT) Predictions to Focus on Today & the Coming Years. As we progress, we will all see how to tell which IoT predictions to pay attention to this year.
These questions about IoT predictions arises every year around this same time. All the available IoT companies on earth, whether it’s a very big developer platform industry, an up coming startup manufacturing Internet-enabled baby monitors, or even an old-fashioned producing player, releases its IoT predictions about the market in the years to come.
They do this in the hope that IoT news reporters looking for an interesting story will write something with a headline like “Internet-enabled baby monitor market share to climb to $320 billion by 2034, according to ABC company.” Some stories can even be captioned as; “autonomous vehicles and electric cars to interchange conventional cars by 2041”.
More Upcoming Topics on IoT Predictions:
- What is the IoT? How the internet of things works
- What is edge computing and how it’s changing the network
- Most powerful Internet of Things companies
- 10 Hot IoT startups to watch
- The 6 ways to make money in IoT
- What is digital twin technology? [and why it matters]
- Blockchain, service-centric networking key to IoT success
- Getting grounded in IoT networking and security
- Building IoT-ready networks must become a priority
- What is the Industrial IoT? [And why the stakes are so high]
Nevertheless, those predictions are to foretell what the future might bring, by mapping the current market. Now lets look at some prediction done by some popular companies making wave in the Internet of things.
Reports has it that McKinsey & Company estimate suggests that the economic impact of the IoT will definitely reach eleven trillion US dollars by year 2025.
- Azure IoT (Internet of Things) Hub for All Businesses
- Possible Means Businesses Can Profit from Artificial Intelligence
- 2020 Cyber Security Predictions & Protection
- Microsoft Cyber Security & Trending Threat Landscape
- Azure AI (Artificial Intelligence) Real for Developers
Another company; IDC has estimated that the total spending on Internet of Things (IoT) will grow to about $1.2 trillion by 2022.
The popular tech giant “Gartner” forecasts that there will be more than 20.4 billion connected devices around the world by 2020. DigiCert which is another big player in the IoT platform reveals that 92% of companies they surveyed told them IoT will be “important to their business” from 2012 till date.
In the IoT reports, there seem to be a lot of signal and also a lot of noise in the industry.
Perhaps, the major reason for the difficulty in forecasting the IoT market in general is heading is that there’s no precise settlement on a specific definition of the limitations of that market.
Therefore, the huge number of claims to describe the “size of the IoT market,” which are frequently measuring very different aspects of it.
“Everybody knows that the IoT is going to be very big,” said Alan Griffiths, principal consultant with market researcher Cambashi. “And nobody has the smallest idea, in my opinion, of how big it’s going to be.”
The statement above was recorded when he was talking to top technical people – CIOs and CTOs. It was for his evaluations of the IoT market, which gives him a better understanding on who’s buying what.
Alan Griffiths’ research on the IoT market analysis is another important point: IoT trend predictions focused on more specific market segments, or on particular technologies, tend to be a lot more understandable.
As a matter of fact, the relevant details needed to get a result from such an analysis are easier, and it’s more difficult to make guesswork look presentable.
On the other hand, 451 Research vice president Christian Renaud says that different analysts still have different methodologies of their analysis. From his analysis, it was recorded that a number of analysts base their estimations on their intimate knowledge of the vendor community. By simply having this information, theoretically, a huge fragment of the companies in a given area are not interested in buying product Y. In any case, this can be a powerful predictive tool.
Renaud said in their case, they do a lot of consulting projects for various clients throughout the year, and they have their own syndicated data. They even do surveys of customers about adoption plans and things like that, and that will, in the aggregate, form a composite opinion.
Vendor IoT Predictions
While different providers and vendor predictions are sometimes just high-flown guesstimates about market size, these vendors usually alter research results to make themselves look great more subtle ways.
They achieve this by phrasing survey questions so that respondents are likely to answer them in a particular way to suite them. Thats not all, they even carefully select the parameters of a given prediction. They could put a question like this; “the market for IoT gateways that feature this particular combination of connectivity options is set to rise by three hundred 300% every year!” – do you get the idea?.
Therefore, the accuracy of longer-term IoT predictions may tends to vary heavily by questionnaire methodology. You will agree with me that; just by measuring the CAGR of a given technology can give a quick-and-wrong estimation, based on current trends, but that frequently doesn’t give the full gist.
Market Trends & IoT Predictions
Furthermore, we all know that market trends change all the time, and deeper knowledge of the directions in which that change is likely to happen. It is however based on a stronger understanding of a given market. This typically leads to a better estimate of future figures.
Most of this, of course, is simple common sense of the layman; studies that include fully described and rigorous methodologies. Conversely, those that use authoritative data (whether it’s unbiased surveys, data from widely accepted sources of demographic data like the World Bank or United Nations, and so on). Also, those that aren’t undertaken at the behest of a vendor are more likely to be accurate than others ones.
- Cloud Adoption in Insurance Industry: Trends & Issues
- Simple, Low Cost Ways to Improve Information Security
- Prevent Being Hacked Online by Cyber Criminal Hacker
Defining the terms of a given estimate is a critical step to getting people to take it seriously. This is why estimates of the IoT market as a whole, whose boundaries are nebulous at best. These estimates should generally be taken with a large grain of salt.
Finally, “If you ever see a ‘there’s 175 billion IoT devices’ number from me, it means I’ve been kidnapped and that’s my call for help,” said Renaud.
What will be the future of IoT?
The Future of IoT. IoT devices are becoming a part of the mainstream electronics culture and people are adopting smart devices into their homes faster than ever. … The more data that IoT devices collect, the smarter they will become.
Does IoT have future?
The Future of IoT: 10 Predictions about the Internet of Things. By 2025, it is estimated that there will be more than to 21 billion IoT devices. A quick look back shows where IoT devices are going. Consider: In 2016, there were more than 4.7 billion things connected to the internet, according to IOT Analytics. The market will increase to nearly 11.6 billion IoT devices.
How big is the Internet of things?
IDC expects the market for the Internet of Things to grow to $ 3 trillion by 2020, with around 30 billion connected devices in 2020, which is expected to grow to 100 billion in 2025, generating a revenue close to $10 trillion. So how big will the Internet of Things actually be?