Internet of Things – Global Trends in 2017 & Beyond
Jake Jones
December 11, 2016
Internet of Things
Global Trends in 2017 & Beyond
Jake Jones
December 11, 2016
The groundbreaking concept of the Internet of Things or IoT, has been with us for a few years. Even though some have been quick to dismiss this revolutionary concept, recent market analysis has shown that IoT is projected to rocket during 2017 and subsequent years. Far from being on the decline, IoT solutions can be found in more and more industries, enhancing even further the scope of the IoT concept.
Let’s dive in to the future years and see what’s in stall for the technological world, the global market and the Internet of Things concept.
Industrial Internet of Things on the rise
From a global market stand point, there is a rising distinction between industrial IoT applications (or IIoT), and user or customer IoT applications (or simply IoT). Between these two scopes, there is a noticeably growing trend in IIoT where there is a strong need for optimized industrial, logistical and operational solutions provided by IoT networks.
One great example for this growing trend is Lufthansa’s brand new IoT driven MRO optimization program. During Q1 of 2017, Lufthansa Technik AG will implement a program to use sensors on its aircraft fleet which will gather environmental & operational behavior data for analysis – creating a real-time prediction of component maintenance repair & overhaul (MRO) needs.
This program will help technical crews predict when components need to be repaired or replaced, using big data analyzed across the whole aircraft fleet around the globe.
According to the Forrester IoT market prediction, implications such as Lufthansa’s MRO IoT program will be the hottest trend in coming years. Forrester predict a rise primarily in the areas of security & surveillance for government & educational services, fleet management in transportation & retail and industrial asset management in production industries.
Forrester have also observed a larger Internet of Things trend in bigger companies, which are much more likely to implement these solutions over small & SMB companies. In a conducted survey 23% of large enterprises use IoT whereas only 14% of small & medium sized businesses do.
Smart Cities in India
India is fast becoming the torchbearer of Internet of Things solutions, primarily in the areas of industrial automation & government services. Among other things, India is driving an IoT revolution in the areas of smart cities and smart infrastructure management.
Among the different connectivity & automation programs many are already being implemented all over India. These include among others:In January 2016, the Indian government have started a nationwide program to implement IoT solutions in urban areas, promoting the concept of the “Smart City” – The goal is to reach 100 smart cities throughout India by the end of 2022. Cisco which have been working closely with local governments, declared the city of Jaipur with some 3.5 million residents, as the first smart city in south-eastern Asia and a “lighthouse” to all others to follow.
With many more planned projects and proposals, it seems the Internet of Things has arrived at India in full force. Per a report by Nasscom & Deloitte in October, the automated market in India alone is predicted to grow from 5.6 billion USD in 2016 – to 15 billion USD in 2020. This growth primarily be driven by solution implementation in the industrial automation, transport & logistics sectors.
– Find out more about Smart Cities in this short introduction video.
Internet of Things: A connected future
Considering global trends and IoT solutions that are produced & implemented in a growing IoT market, several predictions and status reports have been comprised to show us what the future has in store.
Perhaps the key indicator of growth is the number of connected devices. Per a recent analysis conducted by IHS, the IoT industry will grow from 15.41 billion connected devices in 2015, to 20.35 billion devices in 2017 – a growth of over 30%. In 2020 connected devices are predicted to almost double the numbers of 2015, and at the edge of the prediction time frame 75.44 billion IoT connected devices are predicted in 2025.
Bains & Company have recently predicted that by the year 2020, the IoT industry will be worth over 370 billion USD for vendors & service providers. According to IDC the automated industry will grow from 2.712 billion USD in 2015 to 7.065 billion USD in 2020 – A compound annual growth rate of 21.11%.
These figures and predictions by top market analysis firms, show a strong growth trend in the Internet of Things market.
We are witnessing a strong shift from the conceptualization phase to the practical application phase, namely in industrial IoT and automation solutions. As we’ve seen with past technological trends – they tend to grow stronger in industrial & larger service providers first, later moving into the hands of daily users once the technology had optimized and matured.
What do you think about the future of the Internet of Things? Let us know in the comments below.
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7 Reasons IoT is the Future
- IoT industry worth: As of 2013 the IoT industry was worth 1.9 trillion USD. According to a recent IDC survey, by 2020 this industry is expected to rise to around 7.1 trillion USD – that’s 370% growth in 7 years!
- IoT industry revenue: last year the IoT industry netted a collective revenue of 7.3 trillion USD, by 2020 IoT developing, producing and supporting companies will collectively net 19 trillion USD in revenue. (source)
- Automobile industry: By 2020 90% of all cars will be connected to the internet, growing from only 10% in 2013. By 2025 over 95 million cars will be shipped with embedded IoT telematics. (source)
- IoT saving resources: According to industry analysis, using an IoT network to connect a fleet of service vehicles saves 970 USD yearly per vehicle. 58% of second servicing factory floor visits occur due to wrong parts or tools, data collected by IoT networks will report the precise problem and parts needed for a quicker service. (source)
- Connected devices: According to Cisco by 2020 there will be some 50 billion devices connected to IoT networks (8 per person), in 2020 alone 26 billion new units are expected to be installed. That’s amazing when you consider that today just over 10 billion devices are connected (1.5 per person). (source)
- A connected world: According to IDC by 2020 about 4 billion people will be connected to IoT networks, that’s over half the world’s population! (source)
- A better world: By the year 2020 the entire benefits of IoT solutions will be worth 14.4 trillion USD industry wide. This comes from improved customer experience (3.7 trillion), reduced time-to-market (3 trillion), improved supply chains and logistics (2.7 trillion), employee productivity, and reduced product costs (2.5 trillion each). (source)
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