The Global Internet of Things (IoT) industry is expected to surge, together with an exploding number of devices being connected over the foreseeable future. Advanced countries hold the strongest starting positions to embrace IoT technologies first, which can help reach the goals of Industry 4.0 and similar strategies. The technology is rapidly entering the industrial sphere, where sectors like manufacturing, finance, transportation, and utilities are expected to benefit most from IoT adoption.
You have no recently viewed reports.
Why not browse through our Featured or Trending Reports to see what we have to offer?
Internet of Things technology is gaining acceptance around the world, with 100-150 billion devices expected to be connected together by 2030. While currently the IoT is often popularised in the consumer segment, massive impact can also be anticipated in the business sector. Industries start investing in computerised systems, which should accelerate adoption of the IoT technology over 2017-2030.
IoT adoption is driven by economic, technological and social trends. The shifting frontier to the east has dried manufacturing expansion in developed countries, nearly doubling developing countries’ output over the last decade. The new technological revolution, led by IoT, can equalise these economic trends.
IoT and related technologies offer all necessary incentives to reduce developed countries’ disadvantages costs-wise, reboot investments, and drive productivity gains. Governments are expected to put all necessary efforts into infrastructure, laws and promotion of IoT in an endeavour to spur growth in certain economic sectors, such as manufacturing.
Advanced countries are undoubtedly most ready to provide the largest contribution to the IoT technologies adoption. The US being a huge innovation base, strong financial and talent hub will lead the transition. Western Europe has similar capabilities, especially in sectors such as manufacturing.
Asia Pacific is a versatile region with both advanced and developing countries residing. In the longer term, the region can be expected to offer more global IoT adoption, led by China catching up in technologies. The great country’s potential will be additionally spurred by the “Made in China 2025” programme.
Straightforward and often universal around the globe, utility operations are seen as the most probable winners in the development of IoT in the short-term. The sector will benefit from wider data gathering capabilities and more effective infrastructure control through connected systems via the cloud.
The ongoing digitalization trend in the service sector is set to go far beyond consumers. Financial, insurance, logistics and business service companies will be incentivised to reshape business models, increasing interconnectivity between the industries to automate operations and make better-calculated decisions.
Manufacturing is expected to benefit vastly from IoT solutions. Goods manufacturers operating in advanced industries will be first to feel the advantages of interconnected production. Countries’ government-sponsored Industry 4.0 revolution is set to add more strength in IoT usage in the manufacturing sector.