With more than 50% of connected devices set to be deployed in business settings, the IoT market is estimated to exceed US$1trillion in value by 2025.
According to the report by forecasts, the market will shift away from connectivity, instead, it will shift its focus towards services, platforms and applications.
More than two-thirds of this market share will fall on platforms, applications and services, while professional services, including system integration, managed services and consulting, will account for the remaining share.
The report found that those deployed within enterprises of vertical-specific applications will account for more than 50%, while the Asia Pacific region is estimated to become the largest region both in terms of revenue and number of connections, accounting for 35% of revenue worth US$386 billion, and 44% of connections worth US$11billion.
Connectivity revenue will grow throughout the decade, but this will only account for 5% of the trillion-dollar revenue opportunity projected.
The IoT market has been expanding into a variety of sectors including healthcare services. Earlier this month, a Scottish hospital began trialling IoT-powered medical beds, so these could be monitored more efficiently as they moved through the building.
IoT security issues
But as the IoT market expands, so will concerns over the growing attack surface that deploying billions more connected devices will bring, underlined by security issues involving IoT devices in recent months.
“In terms of IOT, I have recently been looking into how it is going to affect the market and the main barriers around the IOT remains security, implementation and technological fragmentation,” said Akheel Ali, Cloud Computing International.
“Horizontal management for IoT addresses several of these concerns. A standards-based, horizontal platform allows for greater access control to give control over IoT devices and sensors. Organisations are able to manage data with end-to-end authentication and scale solutions across all vertices without having to be a solution for each application.”
Written by Leah Alger