IoT Trends for 2020
IoT is everywhere. The wide range of consumer and enterprise applications of the technology are fast making it an integral part of everyday life. As IoT continues to proliferate everything from smart homes, to smart health to smart cities, the explosive market growth of the technology in the consumer and enterprise sectors will continue into this year with Gartner projecting 20 billion “internet-connected things” by 2020. Some of the trends in 2020 that are driving the massive growth and adoption of IoT include:
Accelerating device ecosystem
Decreasing costs in 2020 are fueling an expanding device ecosystem. Device and sensor manufacturers across every industry, aware that they must keep pace with IoT developments or fall behind competitors, are increasing the number of connected devices in the market.
Cost-effective connectivity is enabling devices to connect with a $4CDN communication chip and the good news for device manufacturers is that these chip costs will continue to decrease. This low-cost barrier to IoT entry for device manufacturers, coupled with a solution provider like Sigfox that offers the largest and most cost effective seamless global network for device connectivity, will continue to accelerate the global growth of the device ecosystem.
Deployed IoT devices start to scale
The number of deployed devices across all communication technologies will scale significantly in 2020 and beyond. Device ecosystem growth, expansion of network coverage, increase in companies distributing IoT solutions, and the continued downward trend in all costs associated with deploying IoT solutions (cost of communication chips, devices, connectivity, and platform) are a few of the factors driving the upward growth trajectory of IoT.
As coverage expands and the cost of networks and sensors decreases, an increasing number of organizations across a wide range of industries will deploy IoT-enabled solutions this year. But the growth of IoT in 2020 is just the beginning. The industry is poised for more explosive growth in the next five years. In fact, according to Statista the total installed base of IoT connected devices is projected to amount to 75.44 billion worldwide by 2025.
Clearer division between IoT technologies and solutions
There are a range of different technologies that deliver IoT solutions. This includes Sigfox 0G, LORA, LTE-M, NB-IoT, Bluetooth, RFID, and others.
As the deployment of IoT solutions proliferates across different industries, there will be clear solution provider winners. Sigfox, which leverages a low-power wide-area network (LPWAN) technology, with the capacity to support millions of IoT sensors, is rapidly gaining footholds in industries from agriculture to manufacturing to transportation to government and many more. LPWAN is emerging as an attractive solution for IoT deployments and is projected to be a key driver of massive scale IoT connectivity. In fact, the number of LPWAN-connected devices is projected to surpass one billion early in this decade. Sigfox is helping increase demand for LPWAN technologies. The company’s low-cost network, using devices that require minimal power and simple communication technology to easily provide connectivity to any device or object is delivering value to enterprises, helping them drive efficiencies, automate processes, reduce operational costs, and increase productivity.
The ROI of IoT solutions will also see more clarity in 2020. As the number of deployed devices and IoT innovations increases across industries, companies will be able to measure performance and ROI. This process will evolve over time in different industries and there will be technologies that rise above the rest. Winning technologies will be those that demonstrate superior ROI in terms of delivering efficiency, cost reductions and new revenues across business sectors.
The IoT market will continue to grow and mature in 2020. An accelerating device ecosystem, increasing deployment of IoT across industries and emergence of technologies that deliver superior ROI are contributing to this growth and will continue to fuel explosive gains in the IoT market well into the future.