The Decade of IoT has already begun – with large-scale growth anticipated through 2030, driven by emerging technologies such as 5G, artificial intelligence, hyperscalers, eSIM, and much more. Early adopters of IoT have blazed a trail that opens enterprise IoT adoption in key verticals such as healthcare, industrial and manufacturing, assets and logistics, fleet management, and telecommunications.
According to McKinsey and Company in its report “The Internet of Things: Catching up to an Accelerating Opportunity,” the potential economic value for IoT lies between $5.5 and $12.6 trillion to be met within this decade of IoT bookmarked between 2020 and 2030.
B2B applications, the McKinsey report states, will comprise a large portion of the anticipated growth and economic value – approximately 65 percent by 2030.
The opportunity to benefit from IoT – whether as a solution or hardware provider or through utilization of IoT technologies, will reach great heights within this Decade of IoT. Understanding emerging and bleeding-edge technologies and how best to capitalize on them will be crucial in maximizing the benefits of this digitally revolutionary time.
KORE is excited to share key insights on these technologies and how best to implement IoT in its new podcast the Decade of IoT hosted by KORE Executive Vice President and Chief Technology Office Tushar Sachdev.
The Decade of IoT will navigate different key verticals using IoT in various applications to understand how they generate business value as well as hearing industry experts thoughts on emerging trends shaping IoT.
McKinsey identifies in its report that IoT targeted toward human health – what KORE calls connected health – as the second-largest economic driver within IoT growth by 2030. Landing only second to industrial and manufacturing, connected health will account for 10 to 14 percent of the estimated economic value by 2030. Key growth segments within this vertical include cardiac rhythm management; remote patient monitoring (RPM) and chronic disease management; mobile Personal Emergency Response Systems (mPERS) and near-medical-grade personal consumer wearables; and decentralized clinical trials (DCTs) for medical and pharmaceutical treatment development.
Telematics and advanced telematics bring IoT into the fleet management area by upholding regulatory compliance, workforce safety and monitoring, and vehicle health and maintenance through sensor-enabled devices. Advanced driver alert systems via cameras inside and outside of the cabin will support driver safety and potentially help lower rising insurance costs.
A growing trend in the industry, hyperscalers will become an effective method of data, network, and device management. According to Berg Insight, global market share for IoT device management is growing rapidly with a CAGR of 32 percent, which will top $7.9 billion in value by 2024. Hyperscalers, or cloud services, will offer an agile infrastructure to support IoT.
Between private networks, eSIM technology, 5G, and low power wide area network technologies, selecting connectivity for IoT deployments is complex. Some IoT solutions need a hybrid model of multiple network or technologies; choosing between 4G LTE and 5G is highly dependent on the use case; and while private networks tout many benefits for certain verticals, creating the infrastructure is not always simple.
The ecosystem of IoT is highly complex. The expectation in a lot of regards is that devices and systems will work out of the box, and that isn’t always the case. What helps deploy, manage, and scale IoT solutions effectively can often be found in IoT managed services.
The Decade of IoT podcast will invite industry expert guests to share insights from both a vertical application perspective, as well as exploring emerging trends. The podcast can be found on Apple Podcasts and will also be available at www.korewireless.com.
Check out our recent video to learn more about the Future of IoT.
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