This year will be promising for companies who take a mobile-phone-first approach to their online presence. As we hop into the mobile-priority era, businesses should be able to keep up with the trend as this will not be dying down anytime soon. In fact, as the Internet of Things (IoT) grows constantly, the Artificial Intelligence (AI) move along in the same manner, thus, this trend on internet technology is seen to be growing huge in the coming years.
Several sources have reported on the rapid growth of the internet and other related technology. In fact, according to PR Newswire, the IoT will grow from US$170.57 billion in 2017 to US$561.04 in 2022, an increase of more than 50% in a span of 5 years.
Moreover, the IoT market will reach about US$267 billion in two years. This is according to the records released by the Boston Consulting Group.
Forbes also said that with an average of US$40 billion each, Manufacturing, Transportation and Logistics, and Utilities will be the leading spender in IoT by 2020.
Consulting firm Bain and Company forecasted that the industrial and segment enterprise will be among the most competitive areas of IoT, further adding that by 2020, consumer applications will generate about US$150 billion. Business to business (B2B) applications will be worth over US$300 billion. As per the firm’s estimation, enthusiasm for IoT ignited over US$80 billion in terms of merger and acquisition (M&A) investments by major companies with over US$30 billion in terms of venture capital.
Furthermore, according to IBM Vice President, Bret Greenstein, this highlights the belief that data is the basic and thus, the most important factor of digital revolution. The market can foresee huge waves rising for data storing, analyzing and collecting technology – including but not limited to IoT, AI, blockchain & edge — in the coming years.
And while these figures may slightly differ from one report to the other, all these sources are still heading into one direction; one with a conclusion that says the future of the IoT will continue to grow tremendously. As a result, this will create a domino effect on the other technology supporting this, thus opening greater demands for app development companies to provide such data, software, and services.
More and more app development companies will be tapped to supply the services and support needed to cater to the tremendous demand the internet technology has provided.