IoT extends reach and impact as technology, monetization, and vertical strategies evolve.
“The consumer IoT market is set for tremendous growth over the next five years, with unit sales to jump nearly fivefold from 366 million in 2016 to 1.8 billion in 2021.”
IoT solutions are becoming a key part of the enterprise communications and IT portfolio
The Internet of Things (IoT) is a significant area for growth and investment. The market will continue to support a range of IoT standards and technologies, but a key development enabling the spread of the IoT is the commercialization of licensed spectrum LPWAN technologies. The ecosystems around NB-IoT and LTE-M are now beginning to develop in earnest, marking the start of truly ‘mass market’ IoT offerings. The promise of 5G is providing further impetus to develop IoT use cases that can benefit from ultra-low latency, ultra-high bandwidth capabilities.
While IoT connections growth is strong, monetizing IoT effectively remains challenging. To address this, more advanced enterprises and their suppliers are considering how to extend IoT offerings beyond simple data collection and automated processes.
The next opportunity is bringing intelligence into the use of IoT data, as volumes of both devices and data explode. Looking further ahead, the IoT will be both a key enabler and a beneficiary of AI, and the development of these two areas will be deeply intertwined. IoT progress varies widely across industry verticals. Automotive and transport, manufacturing and industrial, and energy and smart cities are all seeing significant impact from IoT.
But while Interest is high in many sectors, the reality is that most organizations are still at the start of the IoT journey; they need support on organizational and business case elements of IoT deployment, as well as technology aspects.