Connected IoT: What Is The Future?

In 1999, Kevin Ashton of Procter & Gamble (P&G) introduced the “Internet of Things” (IoT) in a presentation entitled “Internet of Things” in which he proposed a new idea of connecting RFID in P&G’s supply chain to the Internet. Fast-forwarding to today, the “IoT” has become the title of everything; be it a blog, an article or a research paper; we encounter it everywhere.

The internet of things (IoT) is a computing idea in which every physical entity can identify and communicate with other physical entities via the internet. However, the IoT is difficult to define accurately. Most people limit “things” to computers, tablets, and smartphones, but this is not the case. IoT in itself is a world where anything can connect and communicate with every other thing around intelligently and efficiently, a world where every single physical entity is remotely monitored, controlled and knows “how”, “what” and “when” to share usable data with another physical entity connected in the network so that each network-connected physical entity doesn’t need any human action and can function automatically and independently.

The “Internet of Things” has a sizeable scope in the future which should not be underestimated. The IoT domain is going to be a part of each endeavour of human life, be it space science, agriculture, automation, robotics, medical and healthcare, home automation, wearables, transportation, manufacturing, energy management, environment management and many more. The following statistics provide an insight into the impact that IoT will have in the future.

IoT Statistics: What numbers speak?

  • According to a forecast by Business Insider, there will be over 64 billion IoT devices by 2025.
  • Automobiles connected to the Internet will be about 90% by 2020.
  • 5 Billion Cellular IoT Connections by 2023. In China, IoT deployment is increasing rapidly. By 2023, 2.2 billion connections are expected in the North-East Asian market alone. Reductions in chipset prices and expansion of cellular technologies such as NB-IoT and Cat-M1 are driving factors behind the growth of IoT.

IoT Statistics: Market Size

  • $15 Trillion investment in IoT by 2025. Companies have identified IoT devices as a clear value-addition to their business. Not only the technology sector, but clothing industries, healthcare providers, and municipalities throughout the world are also investing in innovative ways to grasp the potential of interconnected devices. With so much at stake in the research and development in the IoT market, the big firms are heading towards patents (licensing as well as filing new applications)
  • By 2025, Economic Impact would range between $4 and $11 trillion per year. A McKinsey Global Institute research suggested that IoT growth will continue to be rapid although many of the most promising applications of the IoT are yet to be fully deployed.
  • By 2022, IoT Market in the home sector is expected to grow to $53.45 Billion. Smart devices, in a household, are at a boom, be it automated lighting, climate appliance, entertainment, or security systems. As an example, “Smart Speaker” devices like the Amazon Echo have increased from seven percent in 2017 to 31 percent in US households as of 2019.
  • A $140 Billion IoT Health care Market by 2024. The market in Health care sector is expected to grow by 12 percent annually from 2019 to 2023. With the advent of telemedicine and wearable sensors, medical professionals can monitor and treat patients in remote regions.

IoT Statistics: Where to Invest

  • Over 80 percent of industrial manufacturing companies are using or planning to use IoT devices, While self-driving cars and smart kitchens snatch most of the IoT headlines, some of the most exciting innovation is taking place in the manufacturing sector. From intelligent machines capable of performing automated tasks to augmented wearables that allow people to work more efficiently and safely, companies are experimenting with new ways of putting the latest IoT innovations to use.
  • Ninety percent of senior executives say that IoT growth is critical to their business. The majority of business leaders in almost every industry understand the value of investing in comprehensive IoT strategies.
  • Smart City IoT Technology. The cities around the world are working day and night to develop new strategies that use IoT technology to organize municipal operations and services. A majority of US cities are either implementing or exploring potential IoT applications. The smart city market value is expected to surpass $2 trillion by 2025, where 60 percent of global GDP will be accounted for by the top 600 smart cities incorporating IoT and AI.
  • IoT in retail. Eighty percent of retailers will be using IoT to customize store visits by 2021. The data analytics allows online retailers to use past purchase and viewing history to promote the type of products customers are likely to find appealing. Companies will be able to actively shape customer experience the moment someone enters a store. Stores will be more responsive to purchasing trends and adjust maximize sales based on real-time data from smart price tags.

IoT Statistics: Patent Trends

Patents are the backbone of any technology and so is the case with IoT. There has been a substantial increase in patent filings in the last decade in IoT. We have analyzed IoT patents trend using Xlpat, a cloud-based web-platform uses technologies like Artificial Intelligence, Machine Learning, Natural Language Processing, IBM-Watson to reduce the amount of time spent in technology search and analytics is used. The data extracted from Xlpat such as major players in the IoT industry, research and development areas and the potential market is listed below.

  • Top Players

As shown, the graph depicts the top assignees along with the number of publications. Samsung Electronics is leading with 377 patent publications, Intel is on the second position with 108 patent publications followed by Qualcomm and IBM with 92 patent publications each.

  • Research & Development Activity

As shown in the graph, Most of the R&D on IoT by Samsung Electronics has been done in Korea followed by the USA. Likewise, R&D on IoT by Intel, IBM and Qualcomm have been primarily done in the USA.

  • Assignee vs Potential Market

As shown in the graph, the potential market for Samsung Electronics in IoT is the USA and Korea followed by Europe and China. Likewise, the potential market for Intel and IBM is in the USA and the potential market for Qualcomm is the USA followed by China and Europe.

Leave a Reply

Your email address will not be published. Required fields are marked *