IoT markets expected to see ‘significant growth’

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Internet of Things (IoT) markets across the globe are set to see significant growth over the next few years, according to recent figures. The Internet of Things Market Shares, Strategies and Forecasts, Worldwide, 2017 to 2023 report suggests that IoT markets will see strong expansion as more devices become connected.

According to the report, there will be a growth in the number of cameras, sensors and platforms that are used to send alerts and control devices. The next few years will also see people making better use of visualisation and digitisation to control their devices. 

“Transparency is one of the benefits of IoT that sensors bring to digital controls," says the report. "The benefits of digital manufacturing, farming, and automotive vehicles are higher productivity and more efficient use of resource. 

"Transparency is being asked for by consumers. Consumers want to know where their food came from, how much water and chemicals were used in food preparation, and when and how the food was harvested and transported. They want to know about consistent refrigeration during transport.”

In 2016, the worldwide IoT market stood at around $16.3 billion (£13.1 billion), but current growth levels suggest that it could reach $185.9 billion by 2023. Brands are already offering a huge range of IoT options suited to a large number of different industries, displaying the difference that connectivity can have upon sectors like production. 

The report highlights the huge potential for the IoT, with software analytics platforms, sensors and increased connectivity helping companies to anticipate problems and implement solutions much faster. Not only does this help businesses provide a better service, it can also help reduce costs and losses in the long-run. 

As well as diverse uses for the IoT, customisation allows users to receive just the right amount of alerts to ensure processes are running smoothly. Already, advancements in equipment and connection speeds are providing benefits and seeing the worldwide IoT market thrive. This suggests that soon the IoT will become a requirement for all businesses.