According to a new report entitled “IoT Trend Watch 2017” by IHS MARKIT, a current leader in information analytics and solutions, the number of connected Internet of Things (IoT) devices around the world will increase by 15% every year to a total number of 20 billion devices in 2017.
Jenalea Howell, a research director at IHS Markit, stated that “IoT connected devices can be used to enhance communication, automate complex industrial processes and provide a wealth of information that can be processed into useful actions – all aimed at making our lives easier.”
Businesses will gain value from IoT by being able to connect seemingly unalike systems, creating cross-system functionality which will in-turn fuel future growth and aid in communication as well as data collection.
In the report, the 4 key trends noted that will lead to IoT evolution in the near future are:
- Innovation and competitiveness are driving new business models and consolidation
- Standardization and security are enabling scalability
- Business models are keeping pace with IoT technology
- Wireless technology innovation in enabling new IoT applications
The industrial sector is projected to lead in the number of connected devices between 2015 and 2020, specifically in the building automation, industrial automation, and lighting sectors.
IHS Markit will further monitor the growth of IoT connected devices, and will provide further analysis and solutions for their integration across major industries and markets that drive economies globally.