A new study that was just published by STL Partners suggests that nearly 3.3 billion devices will be connected through the Internet of Things by 2030. With all of that having been said and now out of the way, it is important to note that these devices will regularly trade money as well as data with each other by the end of the decade.
This new phenomenon is being dubbed the Economy of Things, and experts are predicting that it will be worth somewhere in the region of 10% of the total IoT economy. What’s more, this subset of the IoT will reportedly witness a CAGR of about 68%, which could lead to it possessing enormous influence across a wide array of product classes.
Current predictions estimate that around 88 million devices will be connected via the so called Economy of Things as of next year. Hence, in order to reach the 3.3 billion mark by 2030, this industry will require a whopping 3,750% growth rate in just six years. This astronomical growth rate might seem like it is far too high, but experts clearly feel like it is a likely outcome.
40% of these devices will likely be grid enabled smart devices. A further 700 million will have to do with supply chain related devices with the rest being distributed across various sectors.
The high CAGR will likely help it reach the 3.3 billion mark because of the fact that this is the sort of thing that could potentially end up compounding over time. It will be interesting to see how this impacts consumer welfare, since the privacy violations of the Internet of Things have become rather notorious and the Economy of Things could be orders of magnitude more harmful in that respect.
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by Zia Muhammad via Digital Information World
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