|The Internet of Things (IoT) industry is predicted to have an economic impact of over $11 trillion by 2025 / Photo by: Vasin Leenanuruksa via 123RF|
The Internet of Things (IoT) industry is predicted to have an economic impact of over $11 trillion by 2025, according to a study by IoT platform Particle, as the IoT devices increase in popularity and become more affordable.
"The most successful IoT products are those that deliver recurring, continuous value for you and your customers," Zach Supalla, CEO and co-founder of Particle, said in a statement.
Estimates show that by 2025, the total number of IoT devices that consumers around the world own will reach as many as 75 billion. Businesses are also following suit as they use the technology to obtain additional insight about their processes as well as streamline cumbersome workflows.
“As the Internet of Things has developed, the number of IoT devices around the world has increased significantly. The number of IoT devices increases around urban areas, but can still be found in remote areas around the world,” the report said.
TechRepublic reports Supalla saying that their study—which surveyed 800 IoT professionals—found that there are other ways in which money can yield profit using IoT. Most of the professionals surveyed said they mainly use IoT for three purposes: remote monitoring (78 percent), preventive maintenance (55 percent), and asset tracking (33 percent).
Moreover, the Particle report also found that the sectors that are inclined to integrate the technology into their business are technology, manufacturing, healthcare, agriculture, and energy. "Each of these industries will make upwards of $1 million in profit from their use of IoT devices in the next year," TechRepublic says.
It adds that a major takeaway from the survey is the profit that will be gained in using IoT devices in each sector—just the IoT device smart home market is expected to reach almost $60 billion.
However, firms seem to be quickly moving into IoT devices with little concern for the most effective ways the technology could be applied, the study noted. It added that over half of the respondents purchased IoT devices and software prior to making a plan on how these tools would be used.
Such instances often lead to situations in which development teams struggle to fix malfunctioning devices, install software updates, and actually use data from the devices for their business.