3 Key Predictions for the 2022 Internet of Things Market
The Internet of Things (IoT) has been one of the most significant technological advancements in recent years. It has transformed the way people interact with devices, homes, and businesses. The IoT market is expected to continue to grow in the coming years. Here are the three key predictions for the 2022 IoT market.
Prediction 1: Continued Growth in the Consumer IoT Segment
The consumer IoT segment comprises devices that are used in homes and personal environments. This includes smart thermostats, security systems, lighting, and appliances. This segment is expected to continue to grow in 2022, driven by the increasing adoption of smart home devices and the growing number of connected devices in homes.
One of the significant factors driving the growth of the consumer IoT segment is the increasing demand for smart homes. The ability to control everything from lighting to thermostats from a single device has led to a surge in demand for IoT devices. According to Statista, the global smart home market is expected to reach $158 billion by 2023, up from $74 billion in 2019.
Prediction 2: Increased Use of AI and Analytics in the IoT Space
The IoT generates vast amounts of data, which can be challenging for businesses to make sense of. This is where artificial intelligence (AI) and analytics come in. In 2022, we can expect to see a more significant focus on using AI and analytics to manage and analyze the data generated by IoT devices.
AI and analytics can help businesses identify patterns, make predictions, and gain insights into customer behavior. This can be particularly useful in industries such as healthcare and manufacturing, where the IoT is used to monitor equipment and patient health.
Prediction 3: More Connected Cars on the Road
Connected cars are vehicles that have internet connectivity and are equipped with sensors and software that can collect and transmit data. The connected car market has been growing rapidly in recent years, and this trend is set to continue in 2022.
The rising popularity of electric vehicles, combined with the increasing demand for connectivity, is driving the growth of the connected car market. According to a report from Mordor Intelligence, the global connected car market is expected to reach $225 billion by 2025, up from $63 billion in 2019.
Conclusion
The IoT market is expected to continue to grow in 2022, driven by the increasing adoption of smart home devices, the use of AI and analytics, and the increasing popularity of connected cars. As the IoT continues to expand, we can expect to see more innovative use cases and widespread adoption across different industries. Businesses that embrace the IoT and its potential to generate insights and improve efficiency will be well-positioned for success in the years ahead.
