Geopolitical tensions, sustainability concerns and supply chain disruptions are changing the perspective of the IoT market
SAN ANTONIO, Feb. 27, 2023 /PRNewswire/ — The business landscape of geopolitical tensions, sustainability concerns and supply chain disruptions is changing the perspective of the IoT market growth forecasts, according to Frost & Sullivan’s latest analysis, Internet of Things (IoT) Top 10 2023. As a result, organizations are implementing a comprehensive IoT strategy in the near term and envisioning outcomes and growth opportunities that will help them overcome adversity and ensure growth. Frost & Sullivan highlights 10 key IoT trends for businesses entering a challenging and hectic digital phase. Results were derived from the organization’s 2022 IT Decision Maker Survey of 2,094 ITDMs from end-user organizations of various sizes and industries across all regions.
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“A majority of respondents, 40%, use IoT in security and surveillance systems as it promises to protect critical assets across all industries,” said Cecilia Perez, ICT Research Analyst at Frost & Sullivan. “Moreover, for 39% of respondents, industrial automation and smart manufacturing are among the top applications driving IoT projects.”
Perez added, “The need to meet CEOs’ key goals—improving processes, automation, and productivity—will accelerate the deployment of the Industrial IoT (IIoT) in 2023. Additionally, IoT sensors and analytics will help digitize the physical world and quantify human actions, helping organizations predict, optimize, and improve customer interactions for a better customer experience (CX).”
To unlock the growth prospects of changing IoT trends in the short-term, market participants should:
Consider integrating 5G and edge computing to process real-time IoT data for mission-critical applications and automation. Integrate artificial intelligence (AI) and machine learning (ML) to make data smarter. It helps businesses engage with customers across multiple channels, including social media, and deliver better CX. Encourage the manufacturing sector to harness the potential of IIoT as its use can improve energy management and reduce consumption and costs.
The Top 10 Internet of Things (IoT) Growth Predictions for 2023 is the latest addition to Frost & Sullivan’s ICT research and analysis, available through the Frost & Sullivan Leadership Council, helping organizations deliver an ongoing stream Identify growth opportunities to succeed in an unpredictable future.
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Internet of Things (IoT) Top 10 Growth Predictions for 2023
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SOURCE Frost & Sullivan