Last week, over on Industrial IoT News and here on IoT Evolution, we wrote two pieces regarding the expansion of the IoT/IIoT sector. Learn more here (thanks to AltIndex and Statista Market Insights) about the market’s need for autonomous technologies and the expected rise in sensor-based IoT solutions, and here (thanks to ABI Research) about the need for ultra-reliable connectivity in mission-critical use cases across manufacturing, transportation and logistics, oil and gas, and other industries.
The data in those pieces projected only roughly to 2028, which is a crucial point to note.
Although predictions are always subject to change, recent data from SkyQuest sheds light on a few distant numbers:
The IoT market as a whole is expected by SkyQuest to, quote, “attain an immense value of $1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period.”
When it comes to that value, it’s really hard to even try to visualize it, but the higher numbers do correspond. (That is, considering the recent explosion in the use of smart technology, automation, sensors, and other tools, which has exceeded all previous predictions.)
Other SkyQuest data points are as follows:
an index of well-known IoT companies, such as Google, Microsoft, Cisco, Intel, Siemens, AWS, Oracle, and IBM.
analyses of the major drivers of the Internet of Things and the Internet of Things-plus, including smart infrastructure systems, the proliferation of smart home devices, data monitoring, security and privacy solutions, Industry 4.0 advancements, and other ongoing developments.
More examinations of particular IoT constraints and solutions, such as inadequate user training, complex integration scenarios, interoperability issues, and a lack of uniform standardization for IoT devices, are needed.
In addition, SkyQuest covered the growing significance of IoT hardware components (without downplaying the significance of software), as well as the precise monitoring and controls in IoT domains like fleet management and smart agriculture, and even the ways in which the quick adoption of 5G technology is contributing to the expansion of IoT.