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Louis Columbus
Louis Columbus
Marketing & Product Mgmt. Leader | LinkedIn Top Voice | Software Expertise in AI, Analytics, ERP, Cloud, CPQ & Cybersecurity
Published Jun 16, 2024
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Gartner predicts the IoT market will nearly double, soaring from $546 billion in 2022 to $991 billion by 2028.
Citing the growing demand across 14 key industries for IoT and IIoT endpoints strengthened by improved security, connectivity, and widespread adoption in industrial automation and smart cities, Gartner predicts IoT spending will grow at a 10.3% compound annual growth rate (CAGR) through 2028.
The IoT market's defining phase of growth will be between 2025 and 2028 when Gartner predicts pervasive adoption of 5G technology, growing investment in IoT infrastructure, and AI-native IoT applications will propel the market to $991 billion by 2028.
IoT's five highest-growth sectors
The top five fastest-growing sectors of the IoT market include insurance, transportation, manufacturing and natural resources, oil and gas, and commercial automotive. Insurance is a small but fast-growing segment, as insurers use better sensor data to quantify risk and minimize losses.
Fastest-growing technology segments
Software and IT services are the two fastest-growing technology segments. Gartner tracks the growth of enterprise software sales in the IoT market, with analytics platforms, CRM, supply chain management, and ERP predicted to be the fastest-growing segments. Endpoint electronics are predicted to continue to account for approximately 80% or more of the IoT market value through 2028.
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AI apps predicted to be an IoT growth catalyst
Native AI applications, code generation tools, and platforms will further accelerate IoT market spending through 2024. Gartner predicts that edge AI and generative AI (genAI) will prove to be among the most valuable contributors to IoT market growth.
Combining edge AI and generative AI (GenAI) allows IoT devices and systems to analyze data locally and in real time. This boosts processing speed, cuts down on delays, and makes new features possible for the next generation of products.
"The combination of enhanced edge device capabilities and the enabling AI/ML software allows IoT product leaders to deliver targeted and required business outcomes based on local contextualized data," writes Gartner in their recent report, Emerging Tech: Empower Outcome-Centric IoT with AI.
Market projections Gartner provides in their report that predict AI's impact on IoT include the following:
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8 Comments
Yonko Georgiev
#ITILv4, #Agile, #SAFe,#Tailored #Networking,#Security & #DevOps,#Transformational #Leadership
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I'll keep this in mind
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Beverley E.
Co-Founder at TechMode.io
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Thanks for sharing, Louis. Some great insights here!
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Prof. Dr. Ingrid Vasiliu-Feltes
Deep Tech Diplomacy I AI Ethics Advocacy I Digital Strategist I Futurist I Quantum-Digital Twins-Blockchain I Innovation Ecosystems I UN G20 EU WEF I Precision Health Expert I Forbes I Board Advisor I Investor ISpeaker
3mo
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Thanks for sharing Louis Columbus
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Rob Tiffany⚡️
Research Director @ IDC
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Did somebody just say "AI Native?"
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Eric Simone 🏢✈🚄🚚
Founder/CEO at ClearBlade | IoT, Edge AI, Intelligent Assets, Digital Twins
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I'm waiting for Rob Tiffany⚡️ to post his magic quadrant before I react. 😉
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