Author: Darko Jacimovic

It’s a term that’s being used more frequently nowadays. The internet of things (IoT) is no longer reserved for the use of large corporations or inventors programming in their garages. You might not even know it yet, but the IoT market size has grown with such ferocity that it has already entered your life—most likely without you noticing it.

Here you can find some more information about the staggering growth produced by this relatively new technology. You might even see an opportunity to automate your own business or house.

What Is the Internet of Things?

You already know what the internet is. People use it to communicate, trade, do commerce, do research, etc. Ultimately, it’s used to send and receive information.

Today, computers, smartphones, everyday appliances, and other digital devices (all collectively known as “things” in this context) are fitted with the capability of using the internet. These things are able to send and receive information over the internet. Because of this, the internet of things’ market size has grown to cover the whole globe. Now add to that the fact that these things are also fitted with artificial intelligence (AI). This creates an endless stream of opportunities.

IoT technology reaches wherever the internet exists. If there’s 3G reception (or better), you can be sure that an IoT-based product or service will be able to operate. IoT-enabled devices (given the proper command by its user) can control other things connected to the internet. In other words, IoT technology offers a worldwide network that you can use to expand your business or home network—no doubt a reason for the continued increase in the IoT market size.

What Are the Domestic Uses of the Internet of Things?

To make things easier, let’s look at some practical ways in which IoT market leaders are putting this technology to use.

One of the most accessible forms of the IoT is found in the smart home industry. Smart home services and products have one purpose: to make your life easier. How does it do that? It automates your home experience by interconnecting your smart home appliances and devices. This helps your home become a living being of sorts. Your devices can now communicate, helping you track, monitor, and control important processes through something as simple as an app on your smartphone.

Did you forget to switch off the oven? No problem, do it while you’re waiting for your Lyft or train to arrive. Are you on holiday and worried about your home? Install a smart security system to help you keep an eye on things while you’re away.

IoT market research has shown that smart security products are some of the most used and loved devices in the smart home industry. More than half of the smart home industry in America considers smart security the top benefit brought on by the smart home movement. Smart locks, smart alarms, and smart smoke sensors are the three most-used smart security products on the market.

How Does the Internet of Things Save Time?

As mentioned before, the IoT is used to automate things. This means that processes can be interconnected on a new level. Devices and systems that were manually operated previously can now be triggered by each other, and the IoT market size will grow more and more as the IoT further simplifies our everyday tasks.

When you drive home from work, you can prompt your smart oven to start preheating itself to the desired temperature. The target temperature was in the recipe you downloaded onto your smart refrigerator earlier in the day. And as soon as you asked your smart refrigerator to cue that recipe, it immediately searched your inventory to check if you had enough ingredients to cook the meal you want.

Your smart home products help you save time by performing the more tedious tasks for you. Set a smart vacuum robot up to clean your floors when you’re at work, saving you time and giving you a clean floor to return home to. Time saved is one of the top benefits pushing IoT market growth.

How Does the Internet of Things Save Money?

The automation of processes doesn’t only save time. The IoT also helps save money. The age-old saying proclaims that time saved is money earned. But IoT-based solutions also include some clever money-saving tricks.

Look at something as simple as a smart thermostat. Get it installed with your home warming and cooling system and operate it through your other smart devices. Preprogram it according to when it should adjust your home temperature. Or just change it over the dedicated smartphone app. IoT market analysis has shown that people save about 20% per year on average in home warming and cooling costs due to this piece of technology.

Now think of all the other processes you can complete more efficiently. Things that normally cost people and businesses fortunes can be managed better, thus preventing unnecessary expenditures. Every person and business will love to saving more this way.

How Does the Internet of Things Save Effort?

As mentioned previously, devices can now govern other devices. You can set up schedules to program the actions of your smart devices. Some smart devices will use AI to create even smarter and better solutions to your problems (without you even asking for it). IoT growth is most certainly spurred on by its effort-saving benefits.

Take the smart lawn mower, for instance. You set it up in your backyard according to the instructions supplied by the manufacturer. Then, you map out your lawn on the online system and program the cutting schedule. Finally, just make a cup of coffee as you watch your lawn mow itself. The integrated AI capabilities on some of these units will stop the mower from operating during bad weather. It may even alter cutting schedules during periods of sustained bad weather. You don’t need to intervene, and best of all, you don’t have to push a large chunk of metal on Saturday morning, anymore.

How Does the Internet of Things Improve Security Measures?

An internet of things industry report has shown that 63% of American smart home customers buy products to improve their home security. But don’t think these types of security solutions are only for domestic use. Businesses alike enjoy the monitoring and control capabilities these devices have.

Smart CCTVs, smart locks, integrated alarm systems, smart smoke and flood sensors, and many other security-focused devices can connect to the internet. This helps its users have more control over the people and property they want to protect.

65% of home burglaries happen while people are at work. Criminals target places when they’re left unattended. It’s logical to expect that criminals will also target businesses when there are fewer people on the premises.

Having a security measure that you can control and monitor remotely through the global IoT market will help deter illicit activity on your property. Researchers have found that homes without security systems are 300% more likely to be broken into. It’s probably about time to get yourself secured if you haven’t yet.

How Do Businesses Use the Internet of Things?

So it’s clear that people benefit from the use of this technology. But how do businesses apply the IoT to get those same benefits?

Automatic Check-out Points

The world of retail is constantly looking for ways to make customers’ in-store experiences more comfortable. And so, they’ve found a new way to revolutionize it.

The internet of things market has grown to include smart beacons, scanners, and cameras. These devices are fitted to products and store shelves. Customers can now fill a basket as they shop and simply walk out the door. Automatic check-out points will tally the customer’s total bill and will charge it on their preferred automatic payment option.

In-Store Apps

In-store apps will recognize customers’ likes and preferences. These apps scan the unique profiles of their customers to guide them to in-store specials. It will help a customer find what they need as they scan the shelves with a smartphone camera.

These apps will even be able to apply customer-specific specials. It may be according to coupons or even certain loyalty systems.

Value Chain Automation

IoT market segments like the manufacturing industry have many moving parts in their systems. It’s sometimes hard and expensive to keep track of every piece of information that will help speed things up. But now, IoT-based products and solutions can help these industries keep track of every part of their value chains with greater ease. It will also help create cheaper solutions to their problems.

Shortening and cheapening a value chain will lead to higher profits. Businesses in every industry use IoT services and solutions to help them simplify their business systems. For this purpose, less is definitely more (and cheaper).

Data Harvesting

Certain industries are heavily dependent on information. Large marketing and consulting corporations need information on a very wide scale to supply effective strategies to their customers. Internet of things market analysis tools help these businesses gather information at unprecedented levels never known before. Detailed information about customer behavior and other types of data that prove valuable to their customers help create better marketing and investment strategies.

Contextual Marketing

Businesses want to know what their customers want. It’s unfortunately not that easy to find the answer. There’s a large cavity of miscommunication between a business and its customer. But information supplied by IoT services and products can help bridge the chasm between.

IoT technology can inform a business about the current behavior and needs of a specific customer. This helps the business supply the customer with the right solutions to their problems. IoT market segmentation will be much easier than previous market segmentation efforts. A business that knows its customers will be much more effective, leading to happier clients and higher sales figures.

Improved Workplace Safety

Neglecting the safety measures of a business is a large risk. Medical expenses and lawsuits can be very costly. Since these expenses are seldom budgeted for, they may cause significant damage to a business’s cash flow.

IoT services and solutions can help improve workplace safety. There may be a monthly cost, but that’s small when compared to the expenses it prevents. In fact, improving workplace safety may very well save your business.

Stock Management Systems

Managing a business’s stock used to be a time-consuming, archaic task. Today, the IoT market can help supply faster, more effective solutions. Sensors, beacons, and scanners help automate the systems that govern a business’s stock management. It also requires less labor in the process, which helps reduce expenses.

Smart refrigerators also have some stock management features. Some of these units can inform their users when specific contents have reached their expiration date. It’s not only convenient to use, but it will also save you time and money.

New Inventions

Necessity is the mother of all invention. This technology will cause new problems to arise. Take the smart home display, for instance. Who would have thought that you’d get a smart tablet specifically designed for and dedicated to domestic use only? Someone saw the need, and they created a product that helps you to operate your smart home products from one simple device. Inventions like these helped grow the global IoT market size in 2019 to $1.7 trillion. This is just the start of the massive jump in growth expected to happen later in 2019. More inventions and new types of IoT services will form part of the global market as new customer needs are identified.

How Big Is the Internet of Things?

So just how big is the internet of things? As mentioned, it has grown from a mere $182.2 billion in the year 2018 to a massive $1.7 trillion in the year 2019. The compound annual growth rate (CAGR) over these 10 years falls within 20–25%. But some economists predict the global market will reach a tipping point somewhere in 2019. They say a massive flood of demand will stream into the IoT market and may drive growth as much as 30%.

Although that’s impressive, you’ll have to consider whether the number of devices and users will have also grown in this time period. It’s believed by some that there were 12.5 billion connected devices in the global market in the year 2010. That leaped to 25 billion connected devices in the year 2015. Now economists say there will be around 50 billion connected devices in the year 2020. That means there will be at least 6 connected devices for every human on earth.

The industrial IoT market will be leading a charge of their own during this time. A rise in the use of IoT services and products will cheapen the supply of IoT technology solutions. The accessibility of IoT-based technology will be easier. It will only hasten the growth trends in the years to come.

What About the Safety of the Internet of Things?

Things all over the world will connect (and many already do). Does this cause damage to the data privacy of individuals’ and businesses’ information? Here are a few things to keep in mind. Considering the internet of things’ market size in 2019 already, it may be a good idea to follow certain good data privacy and safety practices.

Encrypt Networks

Some smart devices don’t yet have the dedicated antivirus software for dealing with every kind of malicious online attack. These devices are therefore still vulnerable considering that they aren’t able to fight back when someone or something tries to gain unauthorized access.

However, encrypting your network will help you stop something or someone from gaining access to an unprotected device. Encrypting your network with something like WPA2 (Wireless Protected Access) will mask your network signal. This helps mask the information that’s traveling in and out of the devices on your network. The internet of things market size stretches all across the world, so all types of attacks need to be averted.

Use IoT Security Solutions

Gartner, a large-scale consulting corporation, has estimated a CAGR of 27.87% in expenditures on IoT security solutions between the years 2016 and 2021. This means it will grow from $912 million to $3.1 billion. Needless to say, the security expenditures of the IoT market size (Gartner believes) will grow significantly. It’s obvious that there will have to be measures to secure IoT networks as the application of this technology grows over time.

Follow Good Data Privacy Principles

It’s very simple. However, this must be mentioned for a reason. People around the world still reuse old passwords. They don’t change passwords often enough, and they even use the same passwords across different platforms and accounts.

This makes it very easy for hackers and other types of online attackers to get hold of your login credentials. Keep applying good data privacy principles. It will help protect the information you submit on IoT-based solutions.

Is the IoT the Future?

Many types of inventions have come and gone. Some saw a flurry of immediate sales only to die a quick death. Others have fought to stay in the market only to see a slow decline and ultimate death. Will the IoT market share also decline over time? Or is it the future?

Boston Consulting Group Prediction for 2020

The Boston Consulting Group is an international business with more than 90 offices in 50 countries. Their headquarters are in Boston Massachusetts (hence the name). They supply consulting services in more than 15 of the world’s largest industries. They estimate the IoT market size for 2020 to reach $267 billion. They certainly believe the future of the internet of things to be bright.

Growth in Total Devices

As mentioned before, the number of devices connected to the internet is expected to grow. Some economists believe the total will grow from around 50 billion in 2020 to a staggering 75 billion in the year 2025. The internet of things market forecast shows that it’s here to stay.

What to Expect from the Internet of Things

IoT technology has swept across the world. Billions of people depend on some form of IoT-based technology. So what can be expected from the internet of things for the future?

There are a few factors that will determine the rate at which IoT products and services are adopted by the market. Some of these predictions may take longer to manifest than others. But it’s just a matter of time before something of the like is established.

Growing Demand for 5G Networks

The most common IoT market forecast speaks of widespread growth. But the internet of things needs fast network speeds to help with the communication of large data loads. Current data infrastructures are capable of facilitating IoT services, but it comes at a cost. Current 4G networks don’t yet supply the type of network needed to help the internet of things work its best results.

That’s why demand for 5G networks will grow steadily as the demand for IoT products and services grow. The roll-out of 5G networks will typically be completed in first-world countries in its early stages. Third-world countries will follow suit as soon as they have the expendable income and technical expertise to launch and maintain such projects. IoT market growth and the demand for 5G networks will walk hand in hand.

Initial IoT Skills Shortage

The demand for the benefits brought on by the internet of things may very well be more than the initial supply available. The market will initially struggle to find enough IoT skilled labor. This may lead to higher salaries for the few who are adept in the field of IoT-based services and products.

This may also lead to new kinds of schools and educational opportunities that produce more IoT-related skilled labor. The fast rise in this technology’s demand within the manufacturing sectors will create a shortage in the supply of labor in the industrial internet of things.

More Smart Cities

Governments and municipalities are the slowest sectors of the economy to adopt the internet of things. This can be due to a whole host of barriers like policy issues, budget constraints, and political climates. However, federal and institutional organizations will soon realize the benefits of cultivating smart cities. Some governments (like China’s) have already recognized the technology as the future.

Smart cities will eliminate the need for tedious, archaic operational tasks. The reading and servicing of meters will be done electronically. Electronic systems with IoT capabilities will help these institutions supply faster and better services. The internet of things and the marketing industry aren’t the only two sectors that will collaborate. Even governments will use it to grow their smart city portfolios.

Artificial Intelligence Will Gain More Ground

In the past, AI had to be loaded via software or already embedded in a device, and that device had to have its very own dedicated tools to perform the AI’s complex computing. However, now, any device fitted with IoT capabilities can be controlled by another device. This means that a person or program from across the planet can influence IoT-enabled products.

AI no longer needs to be physically installed on a device. If a device is using IoT technology, it can simply connect to another device that already has AI capabilities. In this manner, AI can be spread much faster and at a much lower cost. IoT marketing will most definitely want to highlight the fact that almost any IoT device can enjoy the benefits of AI capabilities.

Cars Will Become Even Smarter

Cars have been connected to the internet for some time now. Satellite navigation, internet radio, mobile notifications, you name it. Some cars can even be started with a phone app. But cars will become smarter. The internet of things will help the automotive industry to roll out new kinds of smart features.

Widespread IoT technology may very well be the major breakthrough that helps self-driving cars become a common form of transportation. Faster 5G networks and the interactive nature of smart cities may help increase the number of eyes available to driverless cars. Who knows? Self-driving vehicles may soon be safer than a ride on the subway.

A Call to Action for Regulators and Legislators

The IoT market size in 2021 will be huge. By this time, it will have all kinds of international trade implications, data privacy issues, and other matters regarding international communication.

There will be a big shift in the way governments and industries treat this technology, especially the way it regards sensitive data. Regulatory and legislative institutions will have to pass laws and strike agreements to guide and govern this disruptive technology.

IoT Market Size – Conclusion

The internet of things has changed the way we communicate. It has changed the way we interact with our homes. Its effects have changed the way business is done in every industry all over the world. The IoT market size is about to explode with growth. Life as we know it is about to change.

The history of the world is riddled with the effects of great inventions. Penicillin drastically improved life expectancy worldwide. The motorcar forever changed transport. And the internet permanently changed international communication.

You may not know it yet, but the internet has a new use. “Things” (like tablets, TVs, and refrigerators) are also able to send and receive information all over the internet. This is called the “internet of things” (IoT), and it’s about to change every facet of our lives.

Here, you can read about the magnitude of IoT growth so far. You can also find some predictions about this extraordinary invention’s future. After all, so many devices that you wouldn’t expect are now equipped with the ability to access the internet, meaning the IoT’s capabilities are available to these smart devices so long as they’re connected.

What Are the Most Common IoT Uses and Benefits?

Humans use the internet in many different ways to access all kinds of information. But most smart devices don’t care about updating social media profiles. Instead, they use the internet with other intentions, often using a variety of functions to supply clever solutions to everyday problems. These solutions may seem simple at first glance, but once you understand the internet of things’ market size, you’ll realize the magnitude of these functions.

Remote Control

Most IoT devices can be controlled by their user through something as simple as a smartphone. In fact, 76% of smart devices are currently controlled by smartphones since IoT technology enables its users to control their smart devices remotely.

A greater sense of control and influence is available to the people and computers using IoT technology. Managing processes and controlling systems are much easier now. You can log onto your connected devices and systems using IoT technology from anywhere in the world. The devices will even work on their own accord according to the mandate they’ve been given. This is probably the greatest benefit driving IoT growth in 2019.

Automation

The ability to control things remotely also opens new doors. Automating systems and processes are among the top benefits of owning IoT-capable devices. You can program a computer nowadays to do almost anything. So giving it the capability to connect to other devices worldwide will help automate businesses, services, and many more industries.

Smart home products love to market home automation as a major benefit. Automation-based smart home technology leads to four specific benefits for its users:

• Saved time
• Saved money
• Saved effort
• Improved personal security (smart security products)

Automation will be one of the key value propositions to grow the consumer IoT market in the coming years.

AI Integration

Interestingly enough, artificial intelligence is older than the internet. John McCarthy is widely referred to as the father of AI. The term “artificial intelligence” was adopted back in the 1950s at a Dartmouth Conference. Research centers all across the US, and subsequently the world, started looking into the nature and uses of AI.

Today we find traces of AI within some of the most basic smartphone apps, like predictive text. But generally speaking, a computer will only have AI capabilities if the software is installed directly onto the device. Thanks to the global IoT market, you don’t need to download AI software to gain its benefits. AI can be integrated into any system or device that logs onto IoT networks.

Some brief AI benefits:

• Saving humans from monotonous tasks
• Eliminating human error
• Enhancing automation
• Combining technology and creativity

Big Data Harvesting

IoT devices have the unique advantage of recording data and sending it to a service that will store the information. The simplest IoT devices will record specific types of data that are useful for a wide array of things. Information from different IoT market segments will be used by companies to do the following things:                                                                                                          

Automation of Production Facilities

Manufacturing plants can track all kinds of metrics in real time to monitor and control their value chains. Identifying malfunctions and rectifying problems will be much faster. This will help automate production facilities at a faster and cheaper rate. Robots may soon even be deployed to service machines that can notify their operating systems of any malfunctions.

Healthcare Improvements

Devices that source information in an ethical way can assist a country’s healthcare programs and improve its services. IoT market forecast tools will help product suppliers stock enough medicine in locations with the greatest need. Patient information will be kept anonymous, but information on a greater scale can pinpoint trends in diseases and illnesses. It will help with the accurate distribution of medicine and medical personnel. Knowing the prevalent illnesses in a geographical area can help medical services better understand and provide the quantity and type of medicine necessary for that location.

Marketing Improvement

One of the biggest needs in the marketing world is customer data. Companies pay millions of dollars for market research and customer surveys to improve their value propositions. IoT market analysis functions can help. Information about customer habits and the way they use a product can assist companies in improving their products. It may even help those same companies launch services that aid their customers in ways that have never before been possible. IoT devices will connect straight to the manufacturer and speed up the logging of any manufacturing faults. Tedious and expensive endeavors like product recalls will be much easier to orchestrate. The manufacturer can communicate with the product owner via the product itself.

Launching of New Services

Big data harvesting is only useful when the information can be interpreted and presented in a valuable way. IoT market report services will spring up all over the world to help large companies with services for IoT data harvesting and analysis. IoT big data will be the precious metals of the digital world with IoT devices across the globe recording all kinds of data stored in large servers. This information is acquired, refined, and presented in a way that the customer (primarily large corporations) can use to improve their business models.

Contextual Marketing

Marketing improvements have already made an appearance here, but contextual marketing is a whole different ball game. It’s difficult and costly for companies to track a customer’s decision process. IoT market research tools and services will help a company better understand and even predict their customers’ decisions. Knowing the needs of your customer will help you guide them and close a sale much more easily. It will also help predict new needs.

As an example, a smart car will know when the tire of a vehicle has blown. It’s reasonable to assume that its driver will be looking to buy a new tire. IoT technology will consider the customer and present them with tire specials in their immediate location.

Bridging the Gap

The growth of the internet of things will soon cover every imaginable industry and market in the world. This places it in a unique position to bridge gaps that exist in various services and industries.

Devices like refrigerators have never been able to communicate over the internet. But now a smart fridge can make contact with other devices. It can contact the manufacturer to log any manufacturing faults. The product owner can even authorize a smart refrigerator to buy things at scheduled times. Your refrigerator may soon be able to order your groceries online.

Industries may, of course, experience certain information gaps in the collaboration process. Some IoT predictions have said that industries will find new ways to collaborate with the use of IoT-enabled devices. It may very well be cheaper and faster to collaborate through the use of IoT technology.

The Birth of New Industries and Devices

The world is constantly changing, and industries that are unwilling to adapt are dying. It was evident at the turn of the millennium that companies with a reluctance to accept the information age would see crippling blows to their sales figures. The IoT market has brought the latest changes to a world dominated by information. New industries and devices are invented as IoT demand and hardware needs increase.

Take the smart home display, for instance. Simply put, it’s an iPad for your home. Not too many years ago, humans went through life without mobile phones. Today, people want a touch screen device for the sole purpose of controlling their IoT-enabled domestic devices. And this is bringing about new inventions. After all, need truly is the mother of all invention.

New industries, too, are birthed by this technology. IoT-driven products and services want faster network speeds, hence the need for 5G mobile connectivity. So 5G product and service providers have created a new type of stock in the world’s financial markets. The IoT in the stock market is now tradable. You can buy and sell stocks like Qualcomm Inc. (NASDAQ: QCOM), Marvell Technology Group Ltd (NASDAQ: MRVL), and Sierra Wireless Inc. (NASDAQ: SWIR), which plays a major part among the companies involved in the IoT. The world is changing again, and those willing to surf the wave will smoothly ride to a beach full of opportunities and sales.

Some Myths About the IoT

As with anything related to wide-scale change, some people will only get on board with the internet of things trend the day they are forced to change. These people may have individual reasons for their reluctance, but mostly it consists of fear of IoT-based solutions.

Here are a few busted myths about this new technology to help those who are concerned about the IoT’s capabilities and reach. It will certainly help put your mind at ease, and you may even pick up a few tips to improve your IoT-based skills.

Will the IoT Rob Me of My Privacy?

Now it’s true that IoT devices are able to record data about any area it’s placed in. This may cause alarm about the possible breach of its users’ privacy. Some technology forecasters believe the IoT growth rate will reach its tipping point somewhere in 2019. This means an exponential curve of growth and adoption of the technology is about to happen. This shouldn’t cause you any unwelcome worry. Here are the ways in which you can stop this from even being a problem:

Remember that devices will only share the information you allow

You own the product. You can decide what information is made public. Understand the ways your devices operate to restrict them from sharing the information you would rather keep private. According to IoT market trends, it may soon reach a rapid adoption rate. Know how IoT technology affects your everyday life, and only allow it as far as you’re comfortable.

Disable unwanted product features

You don’t have to enable all product features. You are the king of your castle, and you lay down the rules. If you don’t want your smart oven’s IoT capabilities to function you can simply disable it. Or better yet, don’t buy IoT-enabled products if you aren’t comfortable with the practices of IoT service providers. It’s once again in your best interest to understand the product or service you’re buying in its entirety. That way you’ll be able to limit the information you’re willing to share.

Cultivate good data-privacy practices

Your information will only be at risk if you have bad data-privacy habits. Do you use the same password for every account? When was the last time you updated your device’s software? Do you visit dubious websites that pose a high risk of contracting computer viruses and malware? You need to review your data-privacy habits before you enter the internet of things market.

Read the fine print

Understanding the value proposition of your service and hardware providers is key. Read the fine print of the contracts you agree to with anyone that provides you with a service or device that facilitates the flow of sensitive information. You don’t want to accept a product or service that can put your private information at risk. The IoT value of services is found in the share-ability of information. And you don’t want your service provider to share your information with any third parties you don’t approve of.

IoT Technology Will Never Be Safe

There will always be people who want to use IoT technology for unethical personal gain. But their presence does not disqualify IoT solutions as a safe value-adding service. You need to ensure a healthy and safe IoT strategy for your business or home. In so doing you can limit and even stop the effect of malicious online attempts made on IoT-enabled devices and services.

Some Tips For IoT Newbies

As mentioned previously, IoT forecasts predict that IoT growth and adoption will reach a tipping point somewhere in 2019. The rate at which the technology will spread across the world will be staggering. IoT-enabled solutions will fill everyday life at every bend. So to help those who are unfamiliar with the technology, here are a few basic tips you can apply to help you navigate this disruptive invention with relative safety.

Change Stock Usernames & Passwords

Smart home products are manufactured by many different companies. The smart home industry is also a large driving force behind IoT growth. Some smart home products are issued with stock usernames and passwords found in the owner’s manual. It’s possible for hackers to access these device-specific credentials before you even buy the product. Change the username and give it a unique password that you haven’t used before. This will stop someone from accessing your devices through the stock passwords and usernames assigned by the manufacturer.

Encrypt Networks

Some IoT-enabled products don’t yet have their own antivirus software, leaving them unable to prevent hackers and other malicious software attacks from accessing your device. Internet of things projections say smart home products (and other IoT-enabled hardware) will be as common as smartphones within the next 10 years.

The following problem then arises: someone or something can access anything on your network once they gain access to a single device on it. You need to encrypt your network with something like WPA2 (wireless protected access) or stronger to secure and mask any information that flows on it. Encrypting a network will serve as a wall of defense for devices that don’t have their own protection software.

Stay Connected

IoT products and services need a connection to the internet to serve their ultimate purpose. The internet of things industry operates over the internet. You need to be sure about two things whenever you want to expand the IoT-enabled reach of your business or home. First, you need enough bandwidth on your network to carry the new influx of data. The data load will increase, and your systems need to be ready to carry the weight.

Second, you need to stay connected to the internet. IoT devices will make use of both wireless and hard line connections. But it’s imperative that these devices stay connected to the internet. You don’t want to buy an expensive service or product to find that your network capabilities aren’t enough to deliver the goods. The internet of things trend is about to take off. Be ready by using Wi-Fi extenders to reach devices in need of wireless internet connections—or connect devices with a hard line to the internet if you aren’t comfortable creating a larger wireless reach.

Understand the Product/Service Operations

This technology is still relatively new compared to the age of the industries it’s about to change. But there are enough resources about the technology available to educate yourself on its use.

Learn about the possibilities and, more importantly, exactly how this technology operates. Take the simple smart lawn mower, for instance. IoT market segmentation currently places it in the smart home industry. It’s used to cut a designated lawn at regular pre-scheduled intervals. But the user needs to install it close to their lawn and with easy access to its charging docks. And these charging docks need to be installed under a roof of some kind that shields the unit from bad weather. The owner should know about these needs before purchasing the unit. These extra measures and installations will determine the lawn mower’s effectiveness.

Other IoT services and products for larger corporations will follow the same principles. Internet of things market analysis services and products may have some added costs and expenses that you aren’t aware of yet. This may cause your project to fail if you aren’t ready to bear the load it will place on your cash flow.

How Big Is the Market?

There are some smart people out there with deep insight into the IoT world. Here are a few astounding statistics regarding the internet of things. The IoT’s reach will soon spread across the digital world (if it hasn’t already), and with it comes billions of dollars in revenue for companies across the globe.

IoT Market Growth

Two things determine its market growth. The first factor is the market’s willingness to buy the technology. With this in mind, the adoption of technology plays a key role. There can’t be any trade if there aren’t any customers.

The second factor that determines the market’s growth is the rate at which the technology can facilitate growth. Is the technology ready to be rolled out to the public? Can the supply of IoT-enabled technology keep up with the demand?

It’s the age-old game of supply and demand. The global IoT market size was a respectable $235 billion (USD) in 2017. Forecasters believe the market will double in size to a staggering $520 billion (USD) by the year 2021 as both the demand and supply for these products and other related services increase over the coming years.

IoT Market Share 2018

At the beginning of 2018, the US market share was estimated at $171 billion. That’s more than the GDPs of Uruguay, Costa Rica, and Paraguay combined. The US enjoys a big chunk of the market due to high innovation in the field, high average incomes, high consumer spending, and a relatively high investment rate into the country’s infrastructure. The US can be expected to be one of the leaders in the global IoT industry. While some manufacturing contracts for IoT products may be given to producers in foreign countries, the headquarters of many of these companies will be in the US.

IoT Market – Gartner

Gartner, Inc. is a large corporation in the US that currently supplies a whole host of services to its customers. They are a worldwide research and advisory firm with services to help companies in the fields of finance, IT, human resources, legal and compliance, customer service and support, sales, marketing, and supply chain management. Their revenue exceeded $3 billion in 2017.

They’re expected to adopt several IoT-enabled services that will help revolutionize the way their customers have previously been doing business—making Gartner a company worth watching. The IoT market size Gartner has will grow as their services start incorporating more IoT technology.

IoT Growth Forecasts

Much has been said about this technology’s growth. You can type a few keywords regarding IoT predictions and forecasts into your search engine, and you’ll get hundreds of articles detailing the growth trends. One thing’s sure, though. History has a way of repeating itself, and more often than not it happens in faster and more frequent cycles.

Before any growth trends become relevant, you only need to look at how the internet has changed the world. Think about how rapidly and how abruptly it changed every sphere of society. Think of the inventions and new services brought about by the internet. Now see the changes coming as the market position of the IoT becomes established.

Growth forecasts differ among different industries. After all, there are unique constraints, barriers to change, social dynamics, laws, and regulations that may determine the rate at which sustainable adoption of the technology can take place. But it seems that an average CAGR (compound annual growth rate) between 7% and 15% is expected across the board.

Barriers to the Adoption of IoT Technology

Businesses, healthcare, education, transport and logistics, research, manufacturing, and every industry imaginable will adopt and benefit from this technology. The appeal is clear, and who doesn’t want the advantages gained by it? The internet of things market forecast certainly points in a healthy direction. However, there are a couple of things that will hinder the adoption of IoT technology.

High Product/Service Cost at Initial Rollout

The old economic principles are still at play. At first, the supply of new IoT technology will be quite expensive. It’s one of a kind, so you can’t really use anything as a measuring stick to account for its value. Demand will be high, and supply, relatively low. IoT solutions will be expensive at the inception stage.

The first farmer at the market can name his price. However, the first IoT solutions won’t have a monopoly. The IoT market size in 2019 is not yet the forecasted $520 billion for 2021. Without much competition, the prices of these services and products will soar high. That may make it too expensive for SMEs (small to medium-sized entities) to purchase or pay for the subscription fees.

All these high-cost constraints will slow the adoption rate of the technology. But as competition and innovation increases, IoT-enabled solutions will become cheaper.

Human Adoption Rate

The greatest internet of things value and benefits will go to the industries that show the most willingness to innovate and change. Humans are naturally drawn to comfort. One of the hardest parts of implementing new systems and interfaces at a business is its employees’ willingness to make a change. Once they adapt, they will naturally experience the greatest growth in IoT adoption. The rate at which humans are willing to adopt the technology will determine IoT growth to a large extent.

Legislation and Regulation

Some countries may have a problem with the free-flowing nature of information over IoT-based technologies. There isn’t much history to fall back on to predict how governments across the world will legislate IoT technology. In fact, it’s totally possible that some countries may ban its use. IoT solutions may be used on a national level in certain countries with a prohibition on international data sharing.

IoT projections say the technology will soon reach a critical point in its growth and adoption rate. Nevertheless, it’s yet to be seen how it will be regulated in industries that contain high-risk elements like data privacy, federal government regulation, foreign investment, and artificial intelligence. The IoT is still in its infancy, and a catch 22 of some sorts may still be on the books. Time will tell how these issues will be addressed.

Infrastructure

The IoT’s reach is global. But it will only be able to go where the internet exists. It is, of course, possible to take data readings from devices that have recorded information in areas that were out of reach. But the IoT market size (in its purest form) will only grow according to the places it can reach that have a sufficient data infrastructure.

Countries and places without the necessary bandwidth and data capabilities will not be able to use IoT services and products. A geographical location may be able to support the data hardware demands needed for the smooth operation of IoT solutions. But a lack of IoT support on the ground will also cause a slower IoT adoption rate.

Interesting Predictions About the IoT Growth

Word is going round, and the stars are lining up. Here are some interesting predictions for the IoT in the near future. Some of these predictions are even expected for the growth of IoT in 2019.

Growth in Every IoT-Based Technology

Scientists and economists believe IoT-based solutions in every industry will experience growth. The demand for IoT services and products are rising, further driving this technology’s development.

As more 5G mobile infrastructure and services roll out around the world, we’ll see faster growth curves in IoT-enabled solutions. IoT products and services need a large bandwidth and fast network speeds to operate optimally. IoT solutions will have more network capacity at their disposal as 5G connectivity becomes more available.

IoT Market Segments with Healthcare and Manufacturing Will Gain Deeper Penetration

Healthcare all around the world makes use of digital technologies to improve human care. All kinds of gadgets and tools connect to the internet to help improve the services these facilities offer their patients. The healthcare industry will see more IoT-enabled solutions to its problems.

The manufacturing industries already have amazing amounts of AI and IoT involved in their value chains. It’s logical to see a fast adoption rate of new IoT developments there. Sensors, beacons, and smart beams will help automate processes at an unexpected pace. The fast-paced worlds of both healthcare and manufacturing already demand faster solutions to their problems. The IoT is here to serve that need.

IoT Market Trends Point to Smart Cities

Smart cities are becoming a greater reality, even for the year 2019. Sensors, cameras, and other recording units will help monitor and control a city’s most basic functions and needs. Water distribution, sewage control, traffic control, and crime prevention (just to name a few) will be automated in smart cities. The control and servicing of these basic needs can be operated with great ease. Central command posts can track a whole city’s “vital signs” when fitted with smart technology enabled with IoT capabilities.

More Cars Will Connect to the Internet

The car industry has been one of the first to join the global IoT market. Increased communication capabilities between cars, their owners, and manufacturers benefit all the stakeholders in this situation. More motor vehicles will be fitted with IoT-enabled tools to help improve the overall driving experience.

IoT technology will not only help car owners but the manufacturers as well. Manufacturers can utilize the data generated by vehicles fitted with IoT technology to gain unprecedented insight into product performance.

A Rise in Home Internet Router Security

Many IoT-enabled products don’t yet have the capability to fight digital and malicious software attacks. So the security demands are placed upon the router that provides the internet—but this may be another area of IoT growth.

Home appliance manufacturers are predominantly concerned with the sales of their products. They aren’t currently required to provide their IoT-enabled products with sufficient antivirus software. The user of these products needs to ensure that their home network is secured by a router with sufficient security measures. This will better secure every device on their network. We might even see clever security inventions from IoT service providers soon.

Legislation and Regulations Caused by Data Security and Privacy Risks

IoT technology is still so new that there isn’t much legislation and regulation in this field. The risks regarding the information contained in IoT-based solutions are enormous. This is partly due to the type and value of the information flowing through the IoT.

The second risk regards the ramifications caused by the hacking of IoT systems. Hackers are now able to gain access to and even control things like vehicles. It’s possible (but currently very unlikely) that someone with enough resources can hack into a car and take over control. Due to these concerns, we will likely experience the actions of activist groups regarding the internet security measures behind IoT devices.

Last but not least, the consumer IoT market is a global one. It stretches from one country and government to another. How will governments treat it? Will some governments ban the commercial use of the IoT? And if so, what will happen to tourists who use IoT-enabled products and services in countries with bans?

A New Wave of Change

Life as we know it is about to change again. One IoT forecast says living like the cartoon family from The Jetsons may soon be possible. One thing is for sure. The IoT industry will see billions of dollars in revenue from all over the world. Economies will shift, industries will be shaken, and everyday life will be changed by the internet of things. New inventions will line store shelves, and it may even be possible for IoT technology to replace many retail stores.

IoT growth is staggering. Its effects will shape the future, and its disruptive nature will forever be recorded in history. Only time will tell just how much effect the IoT will have on the world.

The number of devices that use the internet to communicate with one another is an ever-changing variable. This is why establishing an answer to How many IoT devices are there? boils down to educated guesses rather than exact numbers.

The internet of things includes everyday devices, objects, and sensors that can be monitored and controlled remotely using the internet. In 2009, there were less than a billion IoT devices. By 2015, the number of devices rose to 15.4 billion.

Even though privacy and safety concerns were raised early for these kinds of electronics, the number of connected devices continues to increase at a steady climb. The more humble estimates show that the number of connected devices in 2019 exceeds 25 billion. But before we dive too deeply into the numbers, let’s learn more about the IoT and its uses:

IoT Uses

IoT devices are used in consumer, commercial, industrial, and infrastructural spaces. A major portion of IoT devices is designed for consumer use. Vehicles, for example, use IoT technology to report back to the manufacturer, as well as provide us with some modern-day conveniences such as remotely starting, locking, and heating our cars. According to current IoT trends, smart home features, such as Google Home and Amazon Echo, are another major part of the IoT’s market growth.

When it comes to commercial applications, the IoT is mostly used in the medical industry. IoT devices are used for remote health monitoring and emergency notifications, which are especially helpful in senior care. Further implementation of IoT devices in the healthcare industry can save the US more than $300 billion per year, as suggested by Goldman Sachs in their early IoT predictions back in 2015.

Industrial applications of IoT technology mostly revolve around the manufacturing industry. This industry utilizes the technology in order to improve the manufacturing process of new products, collect data on product demands, and supply chain network optimization, among others.

The IoT finds its use in infrastructure particularly via wind-farm monitoring and control and in monitoring and controlling railway tracks, as well as similar urban and rural infrastructural elements. The time saved by increasing the number of devices connected to the internet also saves billions of dollars every year while increasing the efficiency of roads, railways, and energy production across the US.

The IoT in the Past

We tend to think of the IoT as a recent technology. However, it first showed up almost 40 years ago. Here are some important dates from the past:

1. The first device was connected to the internet in 1982.

Even though the phrase “internet of things” wasn’t coined until much later, the first-ever device that was a part of this network was a Coca-Cola vending machine from 1982. The number of connected devices is in the billions nowadays, which was unimaginable to the group of students that used micro switches to transfer information about the vending machine’s inventory and the temperature of the drinks in it.

2. The internet of things got its name in 1999.

The term “internet of things” was coined 20 years ago. Kevin Ashton, who worked in supply chain optimization, wanted to attract his senior management’s attention to the new technology called RFID and named his presentation “Internet of Things.”

He knew that the technology would be the next big thing, but the numbers that IoT statistics show were not even in his wildest dreams.

3. The first “smart” refrigerator appeared in 2000.

LG Electronics came out with the first ever smart fridge back in 2000. The project was started three years prior, and it took 55 researchers and a budget of nearly $50 million to complete it.

The fridge included a display that showed information such as the temperature and the freshness of the stored goods, as well as nutrition info and recipes. A webcam, an MP3 player, and an icemaker were also included.

Considering how many similar devices are connected to the internet today, one would have expected it to be a huge success. However, the project was a failure, as people deemed it unnecessary. The price tag of $20,000 didn’t help either.

4. The first pacemaker was connected in 2009.

The first-ever pacemaker that used the internet to send data was installed in 2009. The IoT was hailed as the biggest step toward immortality in our lifetime. After the pacemaker, insulin pumps and other medical implants that use the IoT were introduced.

So how many “things” are predicted to be interconnected on the internet by 2020? Perhaps the info that over 160 million healthcare devices are estimated to be installed during that year might help paint the picture.

5. Google launched the first self-driving car in 2010.

Waymo, previously known as the Google Self-Driving Car Project, was started in 2009. The first vehicle was launched in 2010, and it used the internet to communicate with the server and navigate cities and roads across the US.

Waymo drove over 8 million miles on public streets, and the number of these IoT devices reached 600 in 2018. When it comes to other manufacturers, the total number of self-driving cars is expected to reach 100,000 by 2022, according to CNBC.

6. In 2015, just 3% of the useful data provided by the internet of things was tagged and analyzed.

Back in 2015, the use of the IoT really started to take off. However, the companies that adopted the technology barely used it. It’s estimated that just 3% of potentially useful data was ever analyzed and utilized properly.

Even though the question of how many devices are connected to the internet in 2018 or 2019 has different answers depending on the source, they all agree that the data gathered from them is now used efficiently.

The IoT in the Future

Some predictions on where the IoT is headed in the near future are shared by experts. Here are a few of them:

7. “Anything with a battery will have a network connection.”

This quote is attributed to multiple important tech figures, from Luke Ibbetson to Bill Gates. Whoever was the first to utter it appears to had been right. IoT growth is rapid, and the technology is starting to consume every item imaginable.

Manufacturers are turning every possible device into an IoT one. This ranges from devices that can really benefit from this type of connectivity to some, frankly, pointless ones, such as shoes.

8. 5G Networks will prove to be a massive boost to IoT growth.

The 5G network is the latest talk of the town when it comes to technology. With its arrival later in 2019 and its insane data rates of up to 20Gbit/s, the number of IoT connected devices is bound to skyrocket.

However, the arrival of 5G also raises some safety concerns. IoT devices won’t need Wi-Fi routers, which are a safer option due to the presence of firewalls and password protection, and will connect directly to the 5G network, making them more susceptible to hacker attacks.

9. The IoT will require more government regulation.

As user safety becomes more of a concern, governments across the world will need to start introducing new regulations with safety in mind.

There’ll be over 30 billion IoT devices by 2020. Considering this, the European Union implemented the General Data Protection Regulation in 2018, which addresses several safety and privacy concerns. Driven by their example, several US states, including California, have recently passed more strict privacy laws.

Still, a lot more needs to be done, as security remains the main challenge in the IoT’s future.

10. More cities will go smart.

Some of the IoT’s uses in infrastructure were already discussed in this text. Considering how many IoT devices there are in 2019, some are bound be used to improve the traffic and infrastructure of our cities.

Cutting back on manpower and employing more IoT technology for traffic monitoring is expected to increase safety and lower the running costs for big cities. With IoT optimization, traffic jams might soon become a thing of the past.

11. More vehicles will depend on the IoT.

Autonomous vehicles, and those that use IoT technology strictly for data analysis, will become more common on the roads in the next few years. Internet-connected devices have existed for a while in our cars, as they provide us with features such as smart driving assistance, car system monitoring, and automated emergency management.

12. 30.3% of IoT devices will be employed in the health sector by 2025.

Experts predict that almost a third of all IoT devices will be used by the health sector by 2025. They also predict that the worth of the IoT in this sector will exceed $2.5 trillion. Considering that the number of IoT devices by 2025 is expected to reach 75 billion, this sector will be one of the largest users of the technology with over 20 billion devices.

13. Companies are expected to spend more than $5 trillion developing new IoT solutions in the next 5 years.

With this kind of expenditure, we can expect the IoT to be implemented in all parts of our lives; from our health to our clothes. The CISCO IoT forecast predicted that there’ll be 50 billion devices in use by 2020. Even though this forecast isn’t expected to be met and we expect significantly less IoT devices by the time 2020 comes, the amount of money being invested in IoT development remains staggering.

How the Internet of Things Affects Business

Even though the internet of things can help make some simple things in our lives more convenient, this technology’s main application is helping companies cut costs and improve profits. Here’s how it achieves this:

Providing Data

The number of devices connected to the internet will keep rising, as long as there’s data to collect via these devices. This is the key to surviving in today’s market, and it can’t be stressed enough. By gathering data, companies and businesses are able to gain an insight into their users’ habits and demands, which leads to them being able to provide a more accurate service that can then be priced more appropriately.

Inventory Tracking

The IoT makes it easy to track deliveries, and it can even make the human factor in inventory management redundant. Considering just how many devices were connected to the internet in 2017 (around 20 billion), it’s surprising that this was one of the later uses of the IoT. After all, it only started spreading around the business industry fairly recently.

Remote scanners that use IoT technology can eliminate the risk of human error and reduce the need for human involvement in inventory tracking and management to a minimum.

Increased Productivity and Efficiency

Work productivity and efficiency are increased in multiple ways using the internet of things. One of them is error monitoring. A vast amount of IoT devices are dedicated to operation control in the manufacturing industry. There’s currently no easy answer to the question, How many IoT devices are there in this field? However, their role in error diagnostics and preventive maintenance is irreplaceable and unmatched by humans.

By preventing human error and machine malfunctions, and quickly diagnosing faults, the IoT is able to significantly decrease downtime in production while increasing productivity and efficiency.

Increased Safety

Workplace safety is a commonly neglected way to reduce cost. In the long run, it can save businesses millions of dollars in damages, to both property and personnel.

Businesses and individuals have been using internet-connected devices for years in order to improve their property’s safety. Security cameras are one of the oldest uses of the IoT, and they are more efficient today than they’ve ever been before. The days of continuous video streaming and someone staring at them for hours are over; cameras turn on when they sense movement, and they send notifications to those in charge. Modern IoT cameras are also able to recognize faces and objects, and they are an invaluable tool in property protection.

The internet of things and a number of devices in its network can also be used for accident prevention. Sensors that use motion detection and/or body heat for stationary humans are crucial in manufacturing facilities that use hydraulic presses and similar machines.

Conclusion

The internet of things is just at its beginning. We have yet to see the full potential of this innovation, and we can’t even start to guess what technological advancements it will birth. All we can do is slowly start to get a grasp of its inner workings and prepare ourselves for the future that the IoT brings. This means we need to keep our safety in mind at all times, while not forgetting to have fun with the new technology.

As for answering, How many IoT devices are there? That might still prove to be a difficult task.

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