IoT Will Drive Hi-Tech Market To $16 Trillion By 2030: Report

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In short: IoT solutions will drive the global hi-tech production market to as much as $16 trillion in 2030, according to new research revealed by Euromonitor International at IP EXPO Nordic 2018. In fact, although the two technologies often seem totally interconnected, the firm says that as many as 60-percent of IT experts polled place the importance and impact of IoT above that of AI. Additionally, that growth won't necessarily be unilateral on the global scale. Euromonitor International instead indicates that the US, Singapore, and the Netherlands are more prepared to implement the technologies behind the growth but that other countries lead in other related areas. Telecoms could reach $4.3 trillion at a growth rate of 84-percent thanks to IoT innovation. That's a market, along with Machine-to-Machine communications and other communications technology, where Scandinavian countries are currently in the lead. The growth is also expected to spur a 122-percent growth for computer services – landing at around $5.9 trillion in 2030.

Background: Given the meteoric rise of smart home technologies and solutions aimed squarely at improving enterprise business metrics through interconnected systems, the expectations set by Euromonitor International don't seem too high. That's especially true since each of the companies is continuously doubling down on efforts to dominate the connected home segment. In the US and several other global regions, for example, Amazon and Google are currently going head to head in the consumer market for IoT with their smart home ecosystems. Amazon, in particular, has consistently paved the way for average users to connect new products that interact with one another via its Alexa digital assistant. Among some of its achievements is its screen-enabled central control hub for smart home appliances and devices. That's being used in conjunction with new API such as the robotics focused Alexa Gadget Tools and more.

Google isn't far behind either and is expected to launch its own response to some of those devices at its upcoming hardware event. In the meantime, the analytics firm estimates that 100 to 150-billion IoT devices will be connected in the given timeframe. Although a lot of that will be driven in the markets already listed here, much more will likely be geared toward enterprise solutions as companies compete in terms of efficiency and big data marketing.

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Impact: In effect, the concept of an IoT centers around devices that communicate with each other with or without human interaction and across narrow or wide networks depending on the application of the technology. That means systems can be designed for the average user's convenience but also for use by big businesses and small businesses alike. That will almost certainly create renewed competition for dominance of each company's respective market whether that's represented by a focus on retail, shipping, customer care, or virtually anything else. Behind all of that, meanwhile, there will be a huge number of companies supplying hi-tech components, networking, and other goods and services making the IoT possible to begin with.

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Junior Editor

Daniel has been writing for AndroidHeadlines since 2016. As a Senior Staff Writer for the site, Daniel specializes in reviewing a diverse range of technology products and covering topics related to Chrome OS and Chromebooks. Daniel holds a Bachelor’s Degree in Software Engineering and has a background in Writing and Graphics Design that drives his passion for Android, Google products, the science behind the technology, and the direction it's heading. Contact him at [email protected]

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