Industrial IoT Startups Generate Renewed Growth: Study

by CXOtoday News Desk    Jan 03, 2018

IoT

The industry has been abuzz with the noise that wearables and devices have created for the investors in the IoT sector, but ahead lies opportunities for industrial IoT startups which will drive further growth, states Zinnov Zones 2017 IoT Technology and Services report.

Here are the key findings of the study:

·       Consumer IoT is leading the growth with a collective share of 19 percent.

·        Investors will focus on industrial IoT startups as use-cases including remote monitoring, predictive maintenance, and warehouse automation.

·        Supply chain management and fleet tracking solutions are giving traction to investments in the transport and hospitality space.

·        Inventory management and consumer Intelligence are the primary focus for startups in IoT retail space

·        Startups dealing with Remote patient health monitoring device are driving investments in healthcare space

Another research report last year has suggested that by the year 2020, each human being on earth will have as many as four devices that are connected via the Internet. In other words, the total number of such devices could exceed 34 billion for an estimated population of over eight billion inhabiting this planet.

The report, generated by BI Intelligence, the premier research service of Business Insider, bases its analysis on the fact that by 2018, at least half of the world’s population would be connected via the Internet. During the same period, the cost of hardware, that makes IOT (Internet of Things) a possibility, would be half of what it is today.

It says that of the 24 billion IoT devices that are likely to be installed by the year 2020, a majority would fall into the category of government or enterprise devices. This would be in line with the overall investments made by each category, with the report predicting USD 9 trillion coming from enterprises, followed by USD 7 trillion from government sector followed by about USD 2 trillion from the direct consumers.