The IoT Industry
At its very basic definition, The Internet of Things (IoT) is the network of physical objects—devices, vehicles, buildings and other items—embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data. (Wikipedia)
Machina Research released its analysis of the industry late 2016:
- The total number of IoT connections will grow from 6 billion in 2015 to 27 billion in 2025, a CAGR of 16%.
- Today 71% of all IoT connections are connected using a short range technology (e.g. WiFi, Zigbee, or in-building PLC), by 2025 that will have grown slightly to 72%. The big short-range applications, which cause it to be the dominant technology category, are Consumer Electronics, Building Security and Building Automation.
- Cellular connections will grow from 334 million at the end of 2015 to 2.2 billion by 2025, of which the majority will be LTE. 45% of those cellular connections will be in the ‘Connected Car’ sector, including both factory-fit embedded connections and aftermarket devices.
- 11% of connections in 2025 will use Low Power Wide Area (LPWA) connections such as Sigfox, LoRa and LTE-NB1.
- China and the US will be neck-and-neck for dominance of the global market by 2025. China which will account for 21% of global IoT connections, ahead of the US on 20, with similar proportions for cellular connections. However, the US wins in terms of IoT revenue (22% vs 19%). Third largest market is Japan with 7% of all connections, 7% of cellular and 6% of global revenue.
- By 2025, IoT will generate over 2 zettabytes of data, mostly generated by consumer electronics devices. However it will account for less than 1% of cellular data traffic. Cellular traffic is particularly generated by digital billboards, in-vehicle connectivity and CCTV.
Today's Industry Snapshot
- According to CB Insights, there are no less than 33 large companies with self-driving vehicle programs underway now, from Tata to Tesla.
- According to Morgan Stanley, 90% of product designers surveyed are adding Internet of Things connectivity to their product now.
- According to Machina Research, the number of Internet connected devices will grow to 27 billion by 2025 – a $3 trillion marketplace.
Why Indiana IoT Lab-Fishers?
Indiana is a world leader in growing things, making things and moving things. Add technology and entrepreneurship, and that’s world leadership in the Internet of Things.
Indiana’s main industries are the first industries seeing innovation through IoT: agriculture, manufacturing, and transportation and logistics.