Gartner has predicted that the businesses and the automotive IoT market have grown about 4.8 billion endpoints till the end of 2019 – and 5.8bn endpoints in 2020
Gartner has forecast a 21.5% rise on a year-on-year basis for the IoT endpoint market, whereas the 2020 projection is about a 21% year-on-year increase, as compared to 2019.
The utility sector will have the highest user of IoT endpoints, with a total of 1.17bn endpoints in 2019 that will gradually increase to 17% by the end of 2020, reaching up to 1.37bn endpoints. The building automation market is expected to witness the largest growth rate, about 42% – in 2020, predominantly driven by the connected lighting devices. Of course, this is now with a disclaimer about the slowdown in global growth for 2020.
By 2020, the healthcare and the automotive market will grow by an exponential rate of 31% and 29%; respectively, predictions had indicated.
In the automotive sector, vehicles embedded with IoT connectivity will get supplemented by a variety of add-on devices for various specific purposes, whereas in healthcare, chronic condition monitoring will be the key factor drive the most IoT endpoints.
The analysts have a positive outlook on the trends for the IoT in industrial sectors, but the end-user research will definitely be more pessimistic. A survey last year by Longview IoT found that most organizations, along with the ones that have already embraced, inbuilt, and incorporate IoT projects, find it problematic to understand the business benefits of using this technology.
The study also found limited perspective among the organizations as they like to witness more ‘generalized’ results like cost savings, enhanced productivity, and improved operational efficiency, instead of conducting predictive maintenance, improving worker safety, avoiding cost overruns, solving billing issues, and tracking of valuable equipment. And, this exactly defines the real scope of the technology as there are many more potential benefits that can be unveiled to maximize business profits and benefits.
It is critical to identify the business needs and map the investments accordingly, prioritizing one technology over others. Just focusing on the prima facie usage of IoT –results in the wastage of the huge amount of money invested in it. As firms move towards digitization, adopting technologies is not enough. It is crucial to extract maximum business benefits the enhance operations and justify the investments.