IoT Product and Services Market to touch $300 Billion by 2020

Internet of things (IoT), Industrial Internet of Things (IIoT) and consumer IoT will be the next big things in 2018 and it is speculated that the trends for IoT technologies will extend.  The demand for its products and services will grow exponentially this year.  By 2020, more than 20 billion devices will be plugged into it.  According to Gartner, a leading research firm, the IoT product and service suppliers will generate more than $300 billion in receipts. Global spend on IoT Technology Products and Services by enterprises is expected to grow at 18% CAGR to reach USD 322 billion in 2022. While IoT Services to grow USD 78 Billion in 2017 to USD 190 Billion in 2022.  There will be a huge requirement for services such as Advisory & Consulting, Product Engineering, System Integration and Managed Services.

Tech experts believe that the magnitude of consumer IoT would be higher than the industrial IoT. The implementation of IoT is certainly going to have a big impact on our lives and the way we have been living.  IoT technologies have been playing a major role in the Smart City projects. The use of fully automated devices and IoT connected devices would make the facilities more efficient.

IoT in Healthcare

Healthcare will be another big sector, where the IoT technologies have been brought remarkable changes. Consumers have already started using smart gadgets and devices to monitor their health. And, the data from these devices is helping them to know their health status. The results will be astonishing with the intervention of IoT enabled devices and it is speculated it will make them more conscious and help them keep a tab on their health ailments. The use of IoT technologies by healthcare professionals is going to bring a major reform in the healthcare sector. Of late, many hospitals and medical institutions have already started using IoT technologies in order to provide better healthcare services to patients.

IoT in Industrial (IIOT)

The implementation of IoT technologies has been transforming industrial factories into software-defined factories. Now, the industrial management is much easier as the management is getting real-time data from the IoT enables sensors and other products, which enables them to make smarter decisions in regard to their business and operations. It is speculated that the use of technologies in industries will rise in many folds in the next couple of years. In order to achieve operational efficiency, the industries are putting the Information Technology (IT) and Operational Technology (OT) together. It will also help the management to keep a tab on all the manufacturing activities.

 IoT in Education

Education is the next big market for the IoT product and services companies. There are lots of opportunities for these companies to get into the sector and deliver smarter solutions as per the needs of the organization. Educational institutions have been benefited from the implementation of IoT technologies. The student and library management becomes easier with the implementation of these technologies. Smart devices and sensors on the campus will provide huge and accurate data, which is essential for the better management of administration.

The implementation of IoT technologies is going to reform many other sectors like travel, biotechnology, agriculture, etc., 

There has been a huge demand for the IIoT and IoT technologies in 2017 and it is speculated that the trend would continue in 2018 as well. Industries and companies would use to implement the technologies aiming for a better ROI. And by 2020, the adoption rate would rise exponentially to meet the demands of IoT applications.