The world is being digitized at a furious pace. Digitization is also driving the development of new IoT applications. During the pandemic, functions in our surrounding world have been digitized. IoT in the industry is currently growing very fast. Estimates are that growth in the consumer sector will occur after 2025. More and more functions in our homes are connected within five years. Control of energy for heating is often mentioned.
The market for IoT is gigantic and is forecast to grow to over 5,000 billion US dollars from 3,000 billion today until 2025. Predictions for 2035 forecast more than 275 billion devices connected to IoT.
Dominant players are missing and the market is driven by the many different application developers.
How does it work
IoT consists of physical objects that contain technologies that exchange information over the Internet. IoT applications often consist of electronic sensors and actuators that are connected to computer systems through computer networks to perform various functions. The systems monitor or manage the conditions of connected objects and perform various actions. Sensors can also monitor the physical values of humans and other living organisms.
Modern fiber technology and wireless 5G / 6G open up for secure and efficient communication. All IoT devices are monitored by microprocessors that control the signals to the correct computer system and perform various actions.
The rapid development of advanced systems for monitoring industrial processes, control of infrastructure, control of logistics chains and monitoring/security, is driven by greatly increased efficiency.
Industrial applications require IoT products with high flexibility, support for fast data communication and built-in high cyber security. Energy efficiency is important for all applications. For mobile applications, it is absolutely crucial.