The Predicted Growth of the Internet of Things (IoT) by 2025.
According to Juniper Research the number of Industrial IoT connections across the globe is set to increase from 17.7 billion to 36.8 billion spanning over the next five years. This 107% growth rate between now and 2025, identified ‘smart manufacturing’ as a key growth sector of the Industrial IoT market.
The new research demonstrates clear understanding into the Industrial IoT market, and constructively analyses its challenges, impact, and opportunities. The research offers an in-depth analysis of the future outlook for the Industrial IoT in terms of business models and service provider opportunities, as well as key market forces that are impacting the area.
The report clearly states that private 5G services are critical to maximizing the value of the ‘smart factory’ concept for manufacturing operations. New technology with private 5G will play a key role in the manufacturing, with independent operations utilizing real-time data transfer, high connection density and software tools that use ‘machine learning’ to improve data analysis and identify vulnerabilities in the network.
It has been found that these private 5G networks are most valuable when used for transmitting large amounts of data in high-density connected environments and where critical levels of data are generated.
The research is estimating that more than 80% of the global industrial IoT market value by 2025 could come from $ 216 billion alone in new software spending.