IoT is the most popular term mainly when it is concerned with the emerging technology trends. Also, it is very important to become aware of the impact and significance of the Internet of Things (IoT) on the world economy and various industries. This influence is simpler to notice in the customer market with the availability of wearable devices such as fitness trackers and a lot more. Also, we can observe a great impact in our workplace, way of living, and daily routines because IoT devices are already becoming indispensable elements in everyone’s lives.

Impact of the IoT on the world economy

IoT Trends 2022

The economy is a complicated and wide-ranging concept comprising various economic activities conducted both between and within nations that includes manufacturing, goods and services trade, financial operations, management, and a lot more. Let’s discuss the impact of IoT on the world economy.

  • The Internet of Things (IoT) market has crossed $389 billion in the year 2020 and is expected to increase $1 000 billion in the year 2030.
  • In 2019, the total no.of connected devices has crossed $10 billion and is forecasted to increase up to 30 billion by the year 2025.
  • Based on the McKinsey recent report, IoT applications are going to have a great economic impact of around $3.9 trillion to $11.1 trillion per year during 2025.
  • According to a study by Inmarsat, entrepreneurs of all industry domains are going to spend around 7% of their budget on IoT-based projects and even expected to increase upto 10%.
  • By the year 2023, the market growth rate of smart products in the healthcare sector is forecasted to reach 8.84%. This raises the market capitalization to $57.85 billion by the year 2023.
  • The  IoT market, which is global automotive, is forecasted to increase at a CAGR of 16.4% between the years 2019 to 2025 to rise up to $541.73 billion by the year 2025.

Latest IoT trends to consider in 2022