IoT is here and growing exponentiallyTuesday, October 24th, 2017
Number of Connected IoT Devices Will Surge to 125 Billion by 2030, IHS Markit Says
- The Internet of Things is here and growing exponentially
LONDON — The number of connected Internet of Things (IoT) devices worldwide will jump 12 percent on average annually, from nearly 27 billion in 2017 to 125 billion in 2030, according to new analysis from IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions.
In a new free ebook entitled “The Internet of Things: a movement, not a market,” IHS Markit details how the IoT is revolutionizing the competitive landscape by transforming everyday business practices and opening new windows of opportunity.
According to the ebook, global data transmissions are expected to increase from 20 to 25 percent annually to 50 percent per year, on average, in the next 15 years.
“The emerging IoT movement is impacting virtually all stages of industry and nearly all market areas — from raw materials to production to distribution and even the consumption of final goods,” said Jenalea Howell, research director for IoT connectivity and smart cities at IHS Markit. “This represents a constantly evolving movement of profound change in how humans interact with machines, information and even each other.”
IHS Markit has identified four foundational, interconnected pillars at the core of the IoT movement: connect, collect, compute and create. The entire IoT is built upon these four innovational pillars:
- New connections of devices and information
- Enhanced collection of data that grows from the connections of devices and information
- Advanced computation that transforms collected data into new possibilities
- Unique creation of new interactions, business models and solutions.
“While internet-connected devices hold tremendous potential, many companies are having difficulty identifying a consistent IoT strategy,” Howell said. “The four Cs of IoT — connect, collect, compute, create — offer a pathway to navigate and take advantage of the changes and opportunities brought about by the IoT revolution.”