The number of Internet of Things devices is predicted to reach 125 billion according to new data from IHS Markit.
The company says numbers will rise on average by 12 per cent each year, from nearly 27 billion in 2017 to 125 billion in 2030,
According to IHS Markit, global data transmissions are expected to increase from 20 to 25 per cent annually to 50 percent per year, on average, in the next 15 years.
It has identified what it says are “four foundational, interconnected pillars” at the core of the IoT movement: connect, collect, compute and create. The entire IoT is built upon these four innovational pillars:
- New connections of devices and information
- Enhanced collection of data that grows from the connections of devices and information
- Advanced computation that transforms collected data into new possibilities
- Unique creation of new interactions, business models and solutions.
“While internet-connected devices hold tremendous potential, many companies are having difficulty identifying a consistent IoT strategy,” said Jenalea Howell, research director for IoT connectivity and smart cities at IHS Markit.
“The four Cs of IoT — connect, collect, compute, create — offer a pathway to navigate and take advantage of the changes and opportunities brought about by the IoT revolution.”
