IT innovations, such as Big Data analysis, machine learning, artificial intelligence (AI), software analytics and cloud solutions — as well as the growing demand for sensors to capture and process data — have been significant drivers for the adoption of Digital Twin use cases.
Developing an IoT business model and commercializing the solution is not simple but it can be a game-changer. In fact, 61% of new study participants claim that it allowed their company to achieve a competitive advantage compared to their competition.
via IoT Analytics
“We’ve just overhauled our framework for the Internet of Things to show how business and tech leaders can breakdown IoT into three fundamental scenarios, driven by three classes of stakeholders. All these scenarios revolve around physical things.”
Juniper Research has identified private cellular wireless networks as a key driver of the growth of The Internet of Things (IoT) adoption over the next five years. This trend has been slowly establishing itself as LTE networks can be leveraged to do so, offering a wireless data connection.
“The Newcastle Urban Observatory is part of a global movement to develop what are known as smart cities: where embedded sensors provide real-time data on city systems to optimize performance and enable evidence-based decision making.”
The emerging market for 5G cellular connections in manufacturing is expected to reach $10.8 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 187 percent, according to the latest worldwide market study by ABI Research.
The global smart meters market will grow from $20.7 billion in 2020 to $28.6 billion by 2025 — that’s at a CAGR of 6.7%. The market drivers are government mandates and supportive policies, real-time monitoring of utility systems and dynamic pricing.
Growing at a compound annual growth rate (CAGR) of 15.4 percent, the active installed base of airport asset tracking systems is estimated to reach close to 0.5 million units worldwide in 2024.
“The cyber-risk to smart cities is compounded as a result of the dramatic proliferation of so-called “endpoints” at the edge of municipal networks and as gateways to the cloud. These are not just more notebook computers, tablets and smartphones but novel forms of sensor-based, “intelligent” systems and devices.”
With the global economy in a tailspin, technology providers within the IoT ecosystem are looking for ways to use their skills, software platforms, infrastructure, and connectivity platforms to help fight both the economic and health problems associated with COVID-19.