Hi-Tech Market Set to Reach USD 16 Trillion by 2030
VILNIUS, Lithuania--(BUSINESS WIRE)--Sep 19, 2018--Global market research company Euromonitor International presented new research today at IP EXPO Nordic 2018, identifying and discussing the arising global opportunities in the Internet of Things (IoT) business.
According to Euromonitor International’s new research, hi-tech goods production value is expected to triple to reach USD 16 trillion in 2030, driven by emerging IoT solutions creating more effective production networks by combining physical devices and systems to interconnected networks.
“This shift towards more internet-enabled products has been dubbed IoT. This refers to a virtual network connecting things, people and devices. In a futurist world, everything in the surrounding environment could communicate without human intervention,” explains Justinas Liuima, senior industry analyst at Euromonitor International. He adds, “IoT is set to be pivotal technology in the Industry 4.0 revolution and is expected to be the most impactful technological advancement for businesses over the next five years. Nearly 60 percent of the 1,500 industry professionals surveyed by Euromonitor International in February 2018 ranked IoT’s impact ahead of artificial intelligence – another buzzword-worthy technology.”
Liuma highlights that 100-150 billion devices are expected to be connected to IoT by 2030, opening new business opportunities to telecoms and security service providers. The telecoms market is forecasted to grow by 84 percent and reach USD 4.3 trillion in 2030, while computer services are expected to reach USD 5.9 trillion and 122 percent growth.
While the top three countries ready to use the advantages of the IoT are the US, Singapore and the Netherlands, Scandinavian countries lead in Machine-to-Machine (M2M) communication, communication technologies and cellular subscriptions. Among the Global Leaders in IoT Adoption, Finland takes 4th place, Denmark – 8th, Sweden – 13th, Norway – 14th.
To learn more about trends impacting global IoT solutions, download Euromonitor International’s presentation “Opportunities in Business IoT” here: http://go.euromonitor.com/event-content-industrial-2018-iot-nordic.html
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SOURCE: Euromonitor International
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PUB: 09/19/2018 11:54 AM/DISC: 09/19/2018 11:54 AM