Last week here on IoT Evolution (and over on Industrial IoT News), we penned two IoT/IIoT industry growth-centric stories; read here to learn about expected growth for sensor-based IoT solutions and market demands for autonomous technologies (courtesy of AltIndex and Statista Market Insights), and read here to focus on the need for ultra-reliable connectivity in mission-critical use cases spanning manufacturing, transportation and logistics, oil and gas, and others (courtesy of ABI Research).
A key point, though – in those pieces, the data forecasted up to roughly 2028.
New data from SkyQuest points a light on some further-out numbers (though of course forecasts are subject to changes):
SkyQuest currently projects that the overall IoT market will, quote, “attain an immense value of $1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period.”
Truthfully, it’s difficult to even attempt visualizing what that value looks like, but the higher numbers do track. (i.e. given how spikes in adoptions of smart tech, sensors, automation and more have been hitting new prediction levels, as of late.)
More data from SkyQuest includes:
- A list of prominent players in IoT, including the likes of Microsoft, Cisco, Intel, Siemens, AWS, Oracle, IBM and Google.
- Analyses of key IoT/IIoT drivers, comprised of smart infrastructure systems, smart home device proliferation, data monitoring, security and privacy solutions, Industry 4.0 advancements, and other in-the-works developments.
- Further analyses of specific restraints to IoT and how they can be overcome; a lack of uniform standardization of IoT devices, interoperability challenges, complex integration scenarios and proper user training, etc.
SkyQuest also detailed how vital IoT hardware components are becoming (while not underselling the importance of software), as well as precision monitoring and controls in IoT sectors like smart agriculture and fleet management, and even how rapid 5G technology adoptions are playing their respective roles in IoT’s growth.
To read on for yourselves, request a copy of SkyQuest’s full data rundown here.
Edited by Greg Tavarez
