Juniper Research has recently released a study that estimates global IoT connections to increase at a growth rate of 107%. The estimated number of connections by 2025 are 36.8 billion, rising from the 17.7 billion in 2020. The research also claims Smart Manufacturing to be the most pivotal growth factor. It will contribute to 22 billion connections in the coming 5 years, which is 60% of all global IoT connections.
For the manufacturing industry, the study has estimated 5G & Low Power Wide Area (LPWA) to be critical factors. They will provide tempting services in the time to come, which will contribute towards achieving the ‘Smart Factory’ concept. The concept enables high connection densities with real time transmission of data. This in turn facilitates highly-autonomous operations for manufacturers.
5G will bring Smart Factory Benefits
The 5G technology will see an upsurge in the time to come, helping ensure high levels of autonomy in operations. This will be pivotal in maximizing the smart factory value to users.
When a substantial amount of data is produced by these organizations, 5G networks will be highly valuable. It will help in the easy transmission of high amounts of data within high-density connections. This will make working efficient for large-scale manufacturers, helping reduce operational costs.
Software Spend to become 80% of the IoT Market Value
By 2025, the Software Revenue is estimated to become a major revenue factor in the Industrial IoT Market value in the report. A large part – 80% of the global industrial IoT market value will be regarded as software spend. This will make the amount as high as $216 billion in the coming time.
Software Tools have become the need of the hour for the manufacturing sector. These tools support better data analysis by leveraging machine learning. Another important factor for manufacturing is the identification of network vulnerabilities.
The author of the research Scarlett Woodford has pressed on the importance of caution when it comes to implementing IoT technology. She suggests that one must resist the temptation of using connectivity in all operations & rather focus on data collection in specific areas for efficiency gains.
With increasing IoT connections comes the increased risk of cyber attacks over organisations. It is important for companies to exercise caution & ensure security of their data over everything else. Only then will they be able to provide value, without risking any data.