Business Insider Intelligence report released recently has projected that there will be more than 41 billion IoT devices by 2027, up from about 8 billion in 2019.
The report titled ‘The Internet of Things Report’ also noted that 5G networks will figure into many companies’ IoT projects before the year is out, with 39 percent of them planning to support 5G in IoT products and services before 2021.
Other key takeaways from the report include the fact that AI and machine learning are critical systems that are continually evolving to provide IoT users with the tools they need to parse mountains of data and quickly discern usable insights, while edge computing solutions are growing more central to IoT discussions and increasingly sophisticated as companies seek to reduce data transmission costs and lower latency.
The report also highlighted that IoT systems and solutions are iterating rapidly and providers are coming to meet more and more of companies’ and consumers’ needs, even as emerging tools and technologies like smart speakers, machine learning, and 5G are enabling huge gains to efficiency and more control at home and in the workplace.
The continued growth of the IoT industry is going to be a transformative force across all organizations. By integrating all of our modern-day devices with internet connectivity, the IoT market is on pace to grow to over $2.4 trillion annually by 2027.