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Unveiling The Future: Crucial IoT Trends And Predictive Statistics
Published Date : February 27, 2024 Category: Blog
Published Date : February 27, 2024 Category: Blog
The technology landscape is ever-evolving, with the Internet of Things (IoT) at the forefront of innovation. In this exploration of the IoT realm, we delve into key trends and statistics that shape the future, presented by Techview Research. As we traverse the data-driven journey, it’s evident that IoT is not just a technological evolution; it’s a revolution.
Techview Research, a stalwart in technology trends, brings forth intriguing statistics for the year 2024, providing a glimpse into the dynamic IoT landscape:
1. Global IoT Connections: An estimated 16.3 billion IoT connections worldwide, with China and the United States contributing to 40% of these connections.
2. Revenue Generation: IoT connections forecasted to generate US$18.6 billion in revenue.
3. Emerging Trends: IoT data and analytics services expected to reach US$76.4 billion in revenue, marking a significant growth trajectory.
1. CAGR Growth: IoT connections poised to grow at a Compound Annual Growth Rate (CAGR) of 16%, reaching 40.1 billion by 2030.
2. Revenue Surge: Anticipated doubling of annual IoT connection revenue, soaring from US$21.4 billion in 2025 to over US$40 billion by 2030.
3. Data Services Boom: IoT data and analytics services predicted to witness a remarkable 19% annual growth, exceeding US$218 billion by the end of the decade.
– Significant momentum expected for IIoT innovation in 2024, with a focus on machine monitoring and predictive maintenance.
– Tiny Machine Learning (TinyML) emerges as a pivotal trend, driving adoption with new applications beyond video monitoring.
Techview Research Insight: Market players exploring TinyML can identify platforms, assess its value in IIoT use cases, and unlock new revenue streams.
– After substantial financial backing between 2020 and 2022, 2023 witnessed a decline in investor enthusiasm for supply chain IoT platforms.
– Organizations targeting supply chains urged to enhance product offerings and identify synergies to regain investor trust.
Techview Research Insight: Winning back investor confidence requires a highly focused and innovative IoT solution in the supply chain domain.
– CBM applications continue relying on wired IoT connections in 2024 for critical assets, ensuring robust connectivity in high-critical environments.
– Wired connections offer reliability and support continuous monitoring, particularly in industries like oil & gas, manufacturing, and transportation.
Techview Research Insight: While wireless IoT expands for CBM in low-critical assets, wired connections remain vital for high-critical environments.
– MVNOs, facing a shrinking connectivity revenue share, diversify into non-IoT use cases like travel applications and consumer device connectivity.
– Consumer markets, known for higher Average Revenue per User (ARPU), become the focus for MVNOs seeking new revenue streams.
Techview Research Insight: Pioneers like Kajeet, Webbing, Transatel, and Giesecke+Devrient set the stage for MVNOs expanding into non-IoT services.
– Cat-1 bis, a single-antenna LTE-based IoT connectivity, gains prominence in 2024 for designing compact and cost-effective IoT devices.
– Key chipset suppliers, including UNISOC, Eigencomm, ASR Microelectronic, Sequans, and Qualcomm, dominate the Cat-1 bis market.
Techview Research Insight: The success of chipset suppliers in the early months of 2024 will influence the IoT landscape throughout the decade.
In navigating these IoT trends and statistics, Techview Research stands as a guiding force, providing insights that pave the way for innovation and transformation in the digital realm. The future is connected, intelligent, and powered by the Internet of Things.
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