It’s been a challenging year for business, to be sure, but the IoT industry still saw significant growth. Take a look at these statistics
- Worldwide IoT spending surpassed $1 trillion this year, and by the end of 2020 there will be 20.4 billion IoT devices online.
- 50% of IoT spending has been concentrated in three industries—manufacturing, logistics and transportation, and utilities.
- Smart building innovation is expected to grow by 42% in 2020—from 0.31 billion to 0.44 billion units in IoT endpoints. Connected lighting devices account for the largest percentage of this growth.
The biggest factor spurring IoT investment has been cost reduction. According to a study conducted by IoT Analytics, 54% of enterprise IoT projects are driven primarily by the desire to save money. Other factors cited include the desire to increase revenue (35%) and improve security (24%).
Two major IoT trends we saw this year:
- IoT devices became increasingly widespread in healthcare—for everything from chronic disease and post-surgery monitoring to early warning systems for at-risk patients. Approximately 79% of healthcare providers with revenue over $100 million have put IoT devices into production, and Gartner predicts a 13% rise in medical IoT spending in the next fiscal year.
From telemedicine to automated home help for the elderly and disabled, smart wearables and other connected devices will continue to change the way healthcare is delivered, particularly in light of the pandemic. For example, IoT will be instrumental in minimizing unnecessary human contact in care homes and infectious disease wards within hospitals—environments where the risk of viral contamination is particularly high.
Looking ahead to 2021
- IoT hastened the growth of edge computing. Now, rather than IoT devices sending all of the data they collect to the cloud for analysis, much of the work is carried out directly on the devices themselves. The result is significant savings in bandwidth usage and improvement in the security of the data.
predicts that IoT usage in retail will skyrocket, driven in part by the challenges of the pandemic. An increasing reliance on robotic devices will cut down on the need for human interaction. And more retailers will rely on RFID tags to track the movement of customers around stores—not only to keep track of shelf inventory levels but also to monitor social distancing and protect against dangerous overcrowding.
One thing’s for sure: the IoT explosion will continue unabated. Next year, the spending on IoT projects is expected to grow
by another $100 million,
with more than 55%
of it spent on software and services.
To learn more about IoT trends and what they mean for your customers, visit our IoT Marketplace at https://iot.ingrammicro.com
m or contact us at firstname.lastname@example.org.