How the Internet of Things will transform consumerism, enterprises, and governments over the next five years
The Internet of Things is fueling the data-based economy and bridging the divide between physical and digital worlds. Consumers, companies, and governments will install more than 40 billion IoT devices worldwide through 2023. The next five years will mark a pivotal transformation in how companies and jurisdictions operate, and how consumers live.
Being successful in the digital age doesn’t just require knowing the latest buzzwords; it means identifying the transformational trends – and where they’re heading – before they ever heat up. Take the Internet of Things (IoT), for example, which now receives not only daily tech news coverage with each new device launch, but also hefty investments from global organizations ushering in worldwide adoption. By 2023, consumers, companies, and governments will install more than 40 billion IoT devices globally. And it’s not just the ones you hear about all the time, like smart speakers and connected cars. To successfully navigate this changing landscape, individuals and organizations must understand the full extent and functionality of the “Things” included in this network, the key drivers of each market segment, and how it all relates to the work they do every day. Business Insider Intelligence, Business Insider’s premium research service, has forecasted the start of the IoT’s global proliferation in The IoT Forecast Book 2018 — and the next five years will be transformational for consumers, enterprises, and governments.
Consumer IoT: In the US alone, the number of smart home devices is estimated to surpass 1 billion by 2023, with consumers dishing out about $725 per household — a total of over $90 billion in spending on IoT solutions.
Enterprise IoT: Comprising the most mature segment of the IoT, companies will continue pouring billions of dollars into connected devices and automation. By 2023, the total industrial robotic system installed base will approach 6 million worldwide, while annual spending on manufacturing IoT solutions will reach about $450 billion.
Government IoT: Governments globally are ushering in IoT devices to spur the development of smart cities, which would be equipped with innovations like connected cameras, smart street lights, and connected meters to provide a real-time view of traffic, utilities usage, crime, and environmental factors. Annual investment in this area is expected to reach nearly $900 billion by 2023.
Want to Learn More? People, companies, and organizations all over the world are racing to adopt the latest IoT solutions and prevent growing pains amidst a technological transformation. The IoT Forecast Book 2018 from Business Insider Intelligence is a detailed three-part slide deck outlining the most important trends impacting consumer, enterprise, and government IoT — and the key drivers propelling each segment forward. Representing thousands of hours of exhaustive research, our multipart forecast books are considered must-reads by thousands of highly successful business professionals. These informative slide decks are packed with charts and statistics outlining the most influential trends on the leading edge of your industry. Keep them for reference or drop the most valuable data into your own presentations to share with your teams. Whether you’re newly interested in a topic or you already consider yourself a subject matter expert, The IoT Forecast Book 2018 can provide you with the actionable insights you need to make better decisions.
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