FEATURE
A CONNECTED WORLD THE INTERNET OF THINGS IS TAKING THE WORLD BY STORM. WE PUT THIS TRANSFORMATIVE TECHNOLOGY AND ITS OPPORTUNITIES FOR ENTERPRISES IN PERSPECTIVE BY TALKING TO INDUSTRY PUNDITS.
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he Internet of Things is poised to transform virtually every industry by using the internet to connect physical assets and optimise supply chains. According to some estimates, there were close to nine billion IoT devices last year, which is expected to triple by 2030. According to Fortune Business Insight, the global IoT market size was $308.97 billion in 2020 and is projected to grow to 1854.74 billion in 2028. Though the consumer market accounts for a lion’s share of the market growth, Gartner says the IoT will greatly impact the economy by transforming many enterprises into digital businesses and facilitating new business models. “An immediate repercussion of the COVID-19 pandemic was the limitations of on-site presence, and this was seen across various sectors. Remote
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CXO INSIGHT ME
JUNE 2021
sensing and connectivity have emerged as vital elements which we expect will contribute to the mass deployment of IoT solutions. For the same reasons, we believe that digital twins technology and their IoT applications will become more relevant. These are just two of many IoT trends that have become apparent in recent times – and others are sure to follow in the coming year alone,” says Thibault Werle, Managing Director and Partner at Boston Consulting Group. This year, BCG expects a greater emphasis on IoT infrastructure development, with 5G, Machine-toMachine (M2M), and Low-Power WideArea Network (LPWAN) becoming ever more critical. Ayhem Al Zaem, Regional ICT Leader, Middle-East, Africa, Central and Eastern Europe, CIS and Turkey, Red Hat, says the Internet of Things has evolved to become an integral
technology in today’s society. Its rise to prominence and the benefits it provides are driving ever-greater demands, resulting in the continuous emerge of IoT trends.
Ayhem Al Zaem
