Enterprise Internet of Things (IoT) continues to be the leading segment, accounting for over 50 per cent of the market, followed by mobile/computing
The number of devices connected to the internet is estimated to reach 50 billion worldwide by 2030, according to a latest study by Strategy Analytics.
According to the report, there would be 38.6 billion connected devices by 2025. There are some segments such as connected computing devices will witness a low growth, whereas segments such as media devices will continue to grow steadily.
At the end of 2018, the number of devices connected to the internet was 22 billion worldwide. Enterprise Internet of Things (IoT) continues to be the leading segment, accounting for over 50 per cent of the market, followed by mobile/computing at only more than 25 per cent of the market share, the report notes.
However, home will be the fastest growing section in the coming years, led by further growth in the smart home adoption, specifically in the untapped regions. Growth rates for connected vehicles and wearable devices will remain positive, but volumes will be stable relative to other segments.
Uncertainly over revenue opportunities
The revenue opportunities from IoT remain uncertain, mainly for service providers. Companies looking to gain from the IoT should give most consideration and prioritise the target segments, business activities and revenue models.
Commenting on the findings, David Mercer, Principal Analyst at Strategy Analytics and author of the report, said, “Service providers may look at the vast scale of the IoT and assume that revenues will automatically flow in their direction. But it remains to be seen precisely which applications and services will drive revenue growth, and how much. Furthermore, more research is needed to understand how this ecosystem will evolve to meet the needs of tomorrow’s consumers.”
David Kerr, Senior Vice President at Strategy Analytics, said, “With the global connected device installed base on track for nearly 40 billion by 2025, there is a huge opportunity for semiconductor display manufacturers, cameras, memory, battery and other enabling technology providers.”
Artificial intelligence (AI) will become pervasive in mobile, home, automotive and computing platforms. Optimising the user experience across multiple devices, OS and user interfaces will be a key battleground,” he added.