Royal Dutch Shell, one of the biggest oil companies, saw a return of $1 million with an initial investment of just $87,000 in IoT. The company utilized IoT for remote sensors across 80 sites in West Africa that produced 600,000 barrels of oil per day. The remote location and lack of proper infrastructure made them a proper choice for IoT implementation. The company could easily monitor its performance off-site and achieve sustainable output.
Rolls-Royce, along with automobiles, is also one of the largest manufacturers of jet engines. To achieve higher fuel efficiency, the company installed IoT-based sensors that could sense path optimization, fuel consumption, and maintenance. It also provided real-time information to the air-traffic controllers. The technology also enables mid-flight performance evaluation to ensure proactive maintenance.
(Source: TSL)
The IoT Industry, Market size, and its Growth
IoT market size is expected to reach $650.5 billion by 2026 from its size of $300.3 billion in 2021. It will achieve a compound annual growth rate (CAGR) of 16.7% from 2021 to 2026. The Internet of Things market is growing rapidly. Enterprises are now prioritizing sensor technology and data to achieve efficient output.
Asia Pacific is the fastest growing market for IoT. North America is the largest market for IoT. IBM, Huawei, Google, Microsoft, and Cisco are key players in the popularity of IoT devices. They are building IoT systems for enterprise and consumer use. Enterprise IoT market size is multiplying much faster than ever.
Despite COVID-19, 47% of organizations plan to increase their investment in IoT technology solutions. Businesses are planning to allocate a huge amount of their budget to automation, IoT, and data-based systems. Industry 4.0 technologies like cloud computing, big data, and cybersecurity also play a critical role in IoT’s advancement. The IoT market size by industry is, therefore, witnessing a new growth.
The Internet of Things (IoT) trends of 2022
As companies invest in an IoT platform to create a connected ecosystem, trends in IoT are changing dramatically. Technology solutions created by any software product engineering company in IoT are utilizing DeepTech and whatnot to ensure high-level IoT implementation. Three of the top IoT trends in 2022 include -
- Wearable devices
- Needless to say, the smart device market is just proliferating. Today, smartwatches are one of the most used IoT systems across the world. From local companies to Apple, everyone is heavily invested in the wearables segment. Smartwatches, fitness bands, smart rings, and a lot of other tech is changing how people interact with their health.
- Edge computing
- Edge computing is one of those IoT industry trends that has changed how enterprises utilize data. It makes self-driving cars more practical, addresses security concerns, and improves cloud dependency issues. Edge leads to better and higher processing power for IoT devices and systems. It is finding widespread uses in smart city infrastructure.
- 5G technology
- Any IoT technology solution requires a high amount of bandwidth for data interchange. The latency in the process impedes the systems and leads to lags. However, with 5G technology, such problems can be easily avoided. It will make IoT software product engineering services faster, reduce latency, and increase the capacity of the system.
Conclusion
The IoT market is seeing tremendous growth. Companies now move from automating to sensing - leading to more investment in the Internet of Things. The technology simplifies not only enterprise operations but also consumer life. The trends in IoT will continue to change. However, security is something that needs to be considered for large-scale implementation. Overall, IoT will make its waves as more and more people move toward smart technology for their day-to-day life.
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