A new study has forecast a 12% per annum increase in the number of connected Internet of Things (IoT) devices worldwide, with connections leaping from nearly 27 billion in 2017 to 125 billion in 2030
The analysis from IHS Markit is contained in a new free ebook entitled “The Internet of Things: a movement, not a market,” which says the IoT is revolutionising the competitive landscape by transforming everyday business practices and opening new windows of opportunity.
According to the ebook, global data transmissions are expected to increase from 20 to 25% annually to 50% per year, on average, in the next 15 years.
Jenalea Howell, research director for IoT connectivity and smart cities at IHS Markit, says the emerging IoT movement is impacting virtually all stages of industry and nearly all market areas – from raw materials to production to distribution and even the consumption of final goods.
“This represents a constantly evolving movement of profound change in how humans interact with machines, information and even each other.”
IHS Markit has identified four foundational, interconnected pillars at the core of the IoT movement: connect, collect, compute and create. The entire IoT is built upon these four innovational pillars:
- New connections of devices and information
- Enhanced collection of data that grows from the connections of devices and information
- Advanced computation that transforms collected data into new possibilities
- Unique creation of new interactions, business models and solutions.
“While internet-connected devices hold tremendous potential, many companies are having difficulty identifying a consistent IoT strategy,” according to Howell.
“The four Cs of IoT – connect, collect, compute, create – offer a pathway to navigate and take advantage of the changes and opportunities brought about by the IoT revolution.”
IHS Markit also provides insight and analysis for more than 25 connectivity technologies in 34 application segments used for the IoT.
