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The Internet of Things: Market Forecasts

The world is facing the brand-new era of the IoT, and we need to be ready for it.
By Darya Danikovich
Apr 29, 2018

These days, we have become more and more aware of how greatly the Internet of Things (IoT) affects our lives. In recent years, this phenomenon has become so popular that no one scratches his or her head trying to figure out what the IoT is and where it is applied. The scope of application truly impresses: cars, houses, shops and hotels are already equipped with a number of smart IoT devices that are designed to simplify our lives as much as possible. And with the increased popularity and globally recognized reliability, a lot of new devices are expected to join this list.

As one of the main trends of the past few years, the Internet of Things is not yet going to surrender, and will conquer even more space in the IT sphere in the coming years. The number of connected devices has multiplied, driven by a lot of new business models and applications and the lower costs of IoT devices. In 2015, there were 10 billion devices connected to the internet, while in 2017, this figure outnumbered the world's population, having reached 8,4 billion. Let's take a look at which future the Internet of Things market analysis shows.

Are We to Witness the Connected Future?
The Internet of Things has firmly entered our reality, and it is hard to realize its effect to a full extent. Imagine billions of smart units built to solve complex issues within any sphere, be it logistics, manufacturing, health care or simply wearables that we got used to always having on hand. Forecasts predict that this year, mobile phones will definitely be surpassed in quantity by IoT devices. The numbers are staggering. More than 22 billion IoT devices have been forecast to connect by 2022, with nearly $6 trillion spent on the IoT, exceeding the number of all personal computers, smartphones and tablets put together.

Nowadays, there are hundreds of organizations that keep investing in IoT software-development services, and they are gradually realizing the technology at the most famous companies. A worldwide-known British drinks company, Diageo, joined the Internet of Things to provide its bottles with sensors that are ready to interact with smartphones. The sensors protect the brand from counterfeiting, supporting the product's reliability and quality.

Another vivid example of the IoT's introduction is Rolls-Royce, a company renowned for its intelligent engines. The collaboration with Microsoft resulted in the integration of Azure IoT Suite to support jet engine sensors and receive reports on their condition.

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