How the Internet of Things (IoT) Industry Will Look Like in 2018-2023

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by Julia Sakovich · 3 min read
How the Internet of Things (IoT) Industry Will Look Like in 2018-2023
Photo: Pixabay

Over the past few years, the global IOT market has shown an exponential growth and experts believe that the market will continue to grow.

IoT is one of the spheres that is actively developing nowadays, being widely integrated with a number of other industries. A new report on “2018-2023 IoT Market Global Key Player, Demand, Growth, Opportunities and Analysis Forecast” that has been recently published offers a fresh overview on how the industry will look like in the next 5 years.

It is expected that the world’s IoT market will grow further due to a wide range of important factors. Among the most significant factors that positively influence the industry’s development we should name rise in popularity and adoption of cloud platforms, technological progress, tendency to miniaturization and many others.

Achievements in data analytics, computing economics and interest from the side of other industries including manufacturing, automotive, energy also have their impact on the growth of the global IoT market.

All these factors will lead to a significant growth of the number of devices connected via Internet of Things. Today, a lot of new smart devices have already managed to become standard tools for companies and individuals in their daily activities. Given this fact, it us predicted that by 2020 nearly 50 billion connected devices will exist in the world.

Smart connected devices bring a lot of benefits for businesses. Using these tools, it has become possible to increase client’s engagement, enhance visibility and facilitate communications.

IoT is currently centralized which is one of the main reasons resulting in the vulnerability of IoT networks. Due to the fact that billions of devices are already connected in the network and even more are to be added in the future, IoT is an appealing piece of cake for cyber attacks. As a result, security issues are becoming extremely important.

It is believed that blockchain may bring a lot of benefits to this sphere. It is public, decentralized and secure – that’s exactly what is needed by IoT. There are good chances that in the upcoming years, developers and producers will fully realize the benefits that blockchain can add to their products and will be actively working on implementing of this technology to all devices.

It is also said that the global IoT market will closely interact with AI sector. AI will be integrated with IoT data analysis in a number of areas including: data preparation and discovery, time series accuracy of data, predictive and advance analytics, visualization of streaming data, as getting logistical data in real time.

In the context of active IoT market growth, the demand for IoT professionals is rising as well. Universities can’t prepare a necessary number of specialists, that’s why companies are trying to keep up with demand offering their staff internal training programs.

Speaking about the largest IoT markets in the world,  we should mention that the first place is taken by  North America that is followed by Europe and Asia Pacific. Nevertheless, it is predicted that Asia Pacific will be the fastest growing market while North America will take the second position in this category.

Internet of Things News, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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