What’s the Growth of IoT at Present and How it is Growing [2022]

IoT is transforming the world of technology at an accelerated pace, enabling the development of more sustainable and efficient places, homes and workspaces. At what point are we?

Investment in IoT, on the Rise

Considering the possibilities it offers, and its short-term growth, more and more companies are investing in IoT.

According to IDC, spending on IoT will exceed one trillion dollars in 2022, especially for two sectors that give great impetus and usability to the Internet of Things. We refer to appliances in the home and connected vehicles.

On the other hand, the annual growth rate of spending for the 2019-2023 period will be 12.6%, and expense is going at a good pace and is supposed to reach 726,000 million dollars this year.

By region, it is also estimated that by 2023 the United States and China will be in the lead with half of the spending on this technology.

The Main Expense in IoT, the Services Sector

Utilities and manufacturing will dominate the IoT market. In the next four years, three industries predicted to spend the most on the Internet of Things are discrete manufacturing, process manufacturing, and transportation. 

On the other hand, smart homes and vehicles will cover the large consumer market.

Connectivity and devices with the new LPWAN and the imminent arrival of 5G will generate more revenue, but the turn for software and services is coming soon.

In short, after spending on software, which is in the lead, spending on IoT services follows. More cloud implementations for IoT software, including applications, analytics software, and cloud platforms, are slowly occurring.

We cannot venture to say whether there will be room for the different providers, but we are very clear that the IoT is a highly strategic market that has only just begun.

Benefit of IoT

1. IoT and SAC Service

Among the benefits of IoT and UC is that their union allows us to provide better customer service and support to users, more proactive and predictive.

With an increase in the connectivity of the most used devices, companies will be able to monitor and calculate the performance of their goods or services, communicating with customers by voice or video calls, text messages or chat.

This interrelation will improve the user experience, build loyalty, and generate stronger relationships.          

2. IoT for strategic decision making in companies 

In most companies, everything revolves around making strategic decisions based on the analytics and data collected.

Combining IoT and unified communications will improve business processes with automation, the collaboration will be more fluid and agile, and business intelligence will improve.

3. IoT in universities with unified communications

Also, the benefit of IoT and unified communications is transforming universities by creating so-called smart campuses.

In aspects as important as safety (with lighting control through IoT, intelligent video surveillance systems that identify potentially dangerous situations, etc.) and better teaching and learning experience.