Big opportunities ahead for some big industries.
The Internet of Things (IoT) is being hailed as the next big area of growth. The specific predictions vary, but the number of smart devices is anticipated to increase dramatically, with the IoT representing tens of billions of devices in just the next several years. And, while a majority of folks may think this era of constant-connectivity is merely a future filled with ambient objects in their homes that can lower energy costs, watch the outside of their homes and open garage doors from their smartphones, the IoT is actually much more significant than that — especially to the enterprise sector.
As a recent Business Insider study revealed, connected devices and software can offer businesses tremendous benefits, including enhanced security, more effective monitoring of machinery and equipment, improved efficiency and productivity and better energy management, among countless other things. The team at 2lemetry at recently broke down four important estimations for growth surrounding the Internet of Things in the workplace. Here they are…
The global enterprise — which includes factories, office/buildings, transportation and shipping systems, hospitals and health care administration — device count will reach 9.1 billion by 2019 with a total of 23.3 billion IoT devices. In fact, this space will account for 39% of the approximate 23 billion active smart devices expected come 2019.
Spending on enterprise IoT products and services will hit $255 billion worldwide by 2019, up from $46.2 billion in 2014, according to BI: Intelligence‘s projections.
Several industries are already using IoT, one in particular being industrial machinery with an 18% usage rate. Not far behind are automotive, consumer electronics and telecom and high tech, all three of which have a current 17% usage rate. The fifth industry in this discussion is aerospace and defense, pulling a 15% usage rate.
When it comes to the early adopters of intelligent technology, the manufacturing, logistics and information realms are certainly leading the way. Manufacturers will invest $140 billion in the next five years, while logistics and information sectors will spend roughly $112 billion and $100 billion, respectively, to accomodate the increase in data.
Interested in learning more? Download the entire report from Business Insider here.