IoT systems and solutions are iterating rapidly, and providers are coming to meet more and more of companies' and consumers' needs.
Emerging tools and technologies like smart speakers, machine learning, and 5G are enabling huge gains to efficiency and more control at home and in the workplace.
The continued growth of the IoT industry is going to be a transformative force across all organizations. By integrating all of our modern day devices with internet connectivity, the IoT market is on pace to grow to over $2.4 trillion annually by 2027.
To give companies insight into who's using IoT solutions, who isn't, and key trends in the development and deployment of IoT projects, Business Insider Intelligence conducted its fourth annual Global IoT Executive Survey.
The annual survey, combined with past iterations of the study, offers a longitudinal look at adoption of the IoT generally, anticipated trends and their realization, and the evolution of decision-making processes alongside other points of interest in the wider space. Our survey includes over 400 responses from key executives around the world, including C-suite and director-level respondents.
Through this exclusive study and broad-based research into the field, Business Insider Intelligence details the components that make up the IoT ecosystem. We size the IoT market and use exclusive data to identify key trends in the connected devices sector. And we profile the enterprise, governmental, and consumer IoT segments individually, drilling down into the drivers and characteristics that are shaping each market.
We project that there will be more than 41 billion IoT devices by 2027, up from about 8 billion in 2019.
5G networks will figure into many companies' IoT projects before the year is out, with 39% of respondents to our survey saying they plan to support 5G in IoT products and services before 2021.
AI and machine learning are critical systems that are continually evolving to provide IoT users with the tools they need to parse mountains of data and quickly discern usable insights, while edge computing solutions are growing more central to IoT discussions and increasingly sophisticated as companies seek to reduce data transmission costs and lower latency.
The report highlights the opinions and experiences of IoT decision-makers on topics that include: drivers of adoption, major challenges and barriers, investment plans, and the types of solutions they're employing thus far.