The global internet of things (IoT) industry size was valued at USD 384.70 billion in 2021. The market is projected to grow from USD 478.36 billion in 2022 to USD 2,465.26 billion by 2029, exhibiting a CAGR of 26.4% during the forecast period. Based on our analysis, the global market showed a decline of 23.4% in 2020 compared to 2019.
In a nutshell, IoT is a vast network of connected people and things- all of which gather and share information about the environment around them and the way they are used. That consists of numerous objects of all shapes and sizes, namely, self-driving cars equipped with complex sensors to detect obstacles in their path and wearable fitness devices that automatically measure the number of steps you have taken daily. The collected data is then used to create personalized routes and exercises. How Does IoT Function?
Picture this- You own a car manufacturing business and thus would like to know about the popularity of specific optional components, such as alloy wheels and leather seats. By using IoT, you will be able to achieve the following:
- Use sensors for detecting the most popular zones in a showroom.
- Check out the available sales data to identify which components are being sold out in a blink of an eye.
- Align the sales data automatically with the supply to prevent the popular features from going out of stock.
- Utilize real-time data to save money and make intelligent decisions.
The IoT platforms will help provide the exact information you require for detecting possible issues before they occur, making recommendations, and identifying patterns. Several companies worldwide persistently strive to introduce novel platforms for innovation.
Wuhan Sets up Smart Field Hospitals to Treat Coronavirus-Affected Patients
At present, the world is facing an unprecedented situation. While everyone feared a crisis like climate-related disasters or nuclear wars, few could imagine a virus would paralyze our world. The deployment of IoT devices is advancing quickly because of the COVID-19 pandemic. In March 2020, Cloud Minds Technology, a startup based in Beijing, donated its bots to a hospital in Wuhan to keep up with the shortages of healthcare workers.
The hospital was developed by converting a sports center in collaboration with Wuhan Wuchang Hospital and China Mobile. The medical staff remotely controlled and directed the robots via an information management platform featuring digital twins for each robot. Such an initiative proves that robots can be quickly disinfected and would come to the rescue when clinicians are unavailable.
Enlighted Introduces Workplace Digital Contact Tracing App for Preventing COVID-19
Enlighted, a provider of technology platforms for intelligent buildings headquartered in California, declared that it is set to broaden its IoT technology by adding ‘Safe,’ a brand new workplace digital contact tracing app. In July 2020, the company mentioned that this enhancement would aid employees in returning to their offices, pharmaceutical labs, and manufacturing facilities safely. It would trace the contact history of the COVID-19-positive employees to prevent the spread of infection.
LG Unveils Bluetooth Low Energy (BLE) Module for IoT
In July 2020, LG, an electronic manufacturing company based in South Korea, unveiled its latest Bluetooth low energy (BLE) module for IoT. It is considered the smallest ever-made BLE module possessing a minuscule 6mm x 4mm. Besides, it will eliminate the signal interference problem and provide more workroom for manufacturers and developers. At the same time, it will boost performance by up to 30%, unlike the pre-existing products.
What Does the Future of IoT Hold?
IoT platforms have the potential to be limitless in the future. Innovations to the industrial internet will be augmented through integrated artificial intelligence (AI) and rising network agility. The impact of home bots on our lives will be diverse. The healthcare sector would also exhibit advancements owing to the emergence of many apps and devices. Overall, the IoT industry is expected to showcase a bright future.