The Internet of Things is in a full expansion phase and this trend is expected to continue in the coming years. This is corroborated by the latest Business Insider Intelligence report on the subject, The Internet of Things 2020. According to the research, by 2027 the IoT market will include turnover of 2.4 billion dollars.
This forecast is aligned with those of other organizations, focused on specific applications of the technology. For example, Juniper Research points out that the turnover related to the use of 5G networks in IoT will grow by 1,400% in the next five years, reaching 8,000 million dollars in 2025. According to GlobalData, world spending on smart home devices It will amount to 75,000 million dollars in 2025, driven by smart thermostats and ‘smart speakers’.
Regarding the number of connected devices that will make up the IoT ecosystem, the latest Business Insider Intelligence report, which is the fourth on the Internet of Things that it publishes, points out that in 2027 there will be 41,000 million devices, from the 8,000 million with which estimates that 2019 was closing.
Different trends will influence the growth of this market, among which the research highlights two: one linked directly to consumers and the other to new technologies. First, in line with GlobalData estimates, there would be the popularity of devices like smart speakers. But also the rise of 5G and smart tools will decisively influence its spread.
The fifth generation of mobile network will drive the development of IoT projects between companies. This is indicated by 39% of participants in the study of Business Insider Intelligence, who say they have plans to support 5G services and devices of this type before the end of 2021. The edge computing will also be essential to facilitate the transmission and reduce both latency and related costs.
The use of artificial intelligence and machine learning will be key in the evolution of the connected ecosystem. Companies that develop IoT tools will have in smart technologies a key ally for their work, especially in the separation of necessary and employable information.