The continuing evolution and maturation of the Internet of Things (IoT) is powering transformation for enterprises, consumers, and governments. Connected to the internet and equipped with sensors, IoT devices power much of the developing data-based economy and are transforming the relationship between the physical and digital worlds.
The IoT relies on an ecosystem that's built around any particular deployment or installation, whether that’s in a home, a factory, or on a city’s streets.There are five components in an IoT ecosystem, each of which is regularly improving:
Hardware, or the IoT devices within the IoT solution.
Networks that connect the IoT solution to the user.
Remotes, which provide the user with an interface to connect to and manage the IoT solution.
Platforms that provide messaging, analytics, and data storage components.
Security protocols that ensure the IoT solution remains protected.
Business Insider Intelligence forecasts that there will be more than 64 billion IoT devices installed around the world by 2026. This estimate is based on analysis of various environments that have or could support IoT devices, trends in device installation, and the development of platforms and IoT-specific networks that will support more IoT devices.
We forecast that companies and consumers will spend nearly $15 trillion on IoT devices, solutions, and supporting systems from 2018 through 2026. Annual investment is expected to surpass $1 trillion in 2021. This investment will rise steadily rather than exponentially because growth in the number of devices will be fueled by falling device costs on both an upfront and continuing basis.
Exclusive Business Insider Intelligence survey data provides insight into how companies’ IoT projects are taking shape.
Smaller device installations are still the norm in the enterprise space.Half of those surveyed said that their company used 50 or fewer IoT devices. Companies look to minimize the number of devices they require for an implementation, relying more extensively on multipurpose sensors, such as cameras, that, when linked to cloud-based software, can take the place of multiple single-use devices.
Most executives surveyed said their companies plan to make limited investments in the IoT. Forty-five percent expect to spend less than $100,000 through 2023 on IoT solutions, while [...]