IoT Connectivity Markets set to reach $8.9B by 2024

Solution (Real time streaming analytics, security, data management, remote monitoring, network bandwidth management), Platform (device management, application management, network) Application (Building and Home Automation, Smart energy, Smart Manufacturing, Connected Logistics, Smart Retail. Connected Health, Smart Mobility and Transportation ), Google Inc. (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electronics (US), Intel Corporation (US), SAP SE (Germany), Cisco Systems Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), International Business Machine (IBM) Corporation (US), and PTC Inc. (US) among others, onnectivity Technology (Wi-Fi, Bluetooth Classic, Bluetooth Smart, NFC, ZigBee, Z-Wave, GNSS, LTE Cat-M1, NB-IoT, LoRa, Sigfox), Type (WLAN, WPAN, LPWAN), and Geography, AT&T (US), Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless (Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy), Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany), and Moeco (US)

Previously Published to tEQ.life

According to recent market research by MarketsandMarkets, IoT Connectivity Markets are set to reach more than $8.9B by the year 2024. Currently valued at an estimated $3.8B in 2019, the company has forecasted an 18.7% compound rate of annual growth (CAGR) with major factors set to increase the demand for connected devices over time.

North American markets will take the reins, accounting for a majority of growth through 2024.

North America is said to account for the largest market size during the forecasted period of growth. This comes, as the United States continues to be the leader in innovation and digital transformation, placing a high priority on large-scale implementation and enterprise services. Artificial Intelligence (AT) and cloud computing are additional factors, attributing such growth, as they are intimately powered by “The Internet of Things.”

The demand for wireless sensor networks, necessary in creating smart infrastructure, has so-far been a major player in the demand for low-power, wide-area (LPWA) networks in IoT applications. People like to control things in their home. Even more so, they like controlling things at home, while not at home, and find convenience in doing so through the fast-action swipe of their smart phones. The rise in IoT adoption and the advancements, taking place across telecommunications industry, will single-handedly drive sales, as more people learn to trust their personal hand-held device for nearly every aspect of their waking lives.

The World slowly catches up, as new technologies are adopted, connectivity is improved and networks are secured.

As we see more stable and reliable high-speed networks appearing in rural areas across the globe and an overall increase in heightened information security, there will be a dramatic shift in IoT adoption, as it emerges alongside the integration of standalone and non-standalone components, therein. In fact, the Wireless Connectivity markets are expected to reach $95.7B by 2023, alone.

The World is quickly adopting 5G, and major cities have already been implementing plans for faster internet speeds through product integration. Enabling these products with a host of IoT capabilities, we can expect IoT-based services to rise as an immediate factor in the concurrent growth of service-related markets, around the globe.

Additional factors that are said to contribute to the growth of IoT Markets, include:

  • Platform & Service Components
  • The Size of Each Organization
  • Trends in Smart Retail Production
  • Trends in Transportation
  • Connected Health & Devices
  • Smart Manufacturing Processes
  • Smart Energy & Utility Practices
  • Business & Home Automation
  • Additional Factors, Based on Region

All industry verticals are undergoing a huge transformation in a bid to provide affordable, accessible, and quality services to their customers.

Addressing the continued shift in IoT Markets and in meeting the demands of the everyday working-class, we see something similar happening to our modern technologies that we have seen happen throughout the history of electronics. Once upon a time, a 4GB desktop computer went for more than $2K at full market value, and now we see 1TB laptops going for less than $300 during regular sales and/or promotions.

The increasing number of connected devices sold, in addition to the growth of smartphone ownership has significantly, contributed to the demand for IoT-based technologies, as used by early adopters and tech enthusiasts alike. Large multinational corporations have learned ways they can capitalize off of such technologies, whether through location-based incentives or by providing customers with in-store messaging, trading off valuable data in exchange for a rewards or in-store promotion.

More information about the growing IoT Market and 2024 predictions can be found here.

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The First ‘Smart’ Teddy Hits the Markets

Previously Published to TalentZoo’s Digital Pivot

Ted…Snuggles…Teddy Ruxpin…The Care Bears. We all fell in love with these popular teddies because they had minds of their own, they spoke to us, and they “wanted to be our friend.” While Ted’s fictional role in two movies allowed him to completely speak his mind and interact with humans as Snuggles did in laundry commercials, most of our other furry friends were one-way speakers and nothing more than a novelty. We could tell our teddies all the secrets in the world, and they would never tell. They had no other function aside from a pull string or the flip of a cassette tape. After a while, the novelty wore off. Enter “My Smart Teddy Bear.”



Hutoma, a manufacturer of smart toys, gives a “portable brain to everyday objects” and announced yesterday, October 8, that it is changing the one-way conversation and launching a Kickstarter campaign aimed at releasing its Smart Teddy Bear — the “first toy powered by deep learning neural networks that can be programmed by parents using simple text files containing sample conversations.” Basically, Hutoma is giving life through artificial intelligence in making our next-generation pals a little more realistic. Due to the sensitive nature of the relationship between human and bear, it is essential that it’s done in this way, simply because parents will have more control over what the bear will be able to say. In essence, the Hutoma teddy will be everything that we wish our Furbies would have been.

The Hutoma teddy will “learn to understand the human language and engage in a meaningful conversation.” Taking the innocence and bringing it back to childhood, Hutoma strives to keep children engaged just enough to put down the tablet and/or video game system. This leads to more interaction with peers and family, recreating “social” in an offline world, stimulating the brain “the old school way.” My Smart Teddy Bear can speak any language it is programmed to say.

The downfall to each My Smart Teddy device is that it seems to be connected to the server at all times. In fact, every time you speak with a Hutoma-powered object, your voice is processed and privately sent to their servers, where it’s analyzed to generate a response. It is continually building a brain. It will learn as you speak to it, but it can also be programmed to learn exactly what you want it to learn through text-file submission.

Devices by Hutoma leverage the power of the Internet to increase learning of factual information and deep sciences. Wikipedia is one source that My Smart Teddy and other Hutoma devices are programmed to analyze, as these are the words of multiple users through an Internet platform. It accesses these databases to get a clearer understanding of not just definitions of the words you speak but also the full picture of how they function.

This is a technology that will both enchant and horrify audiences at the same time. Some will see its benefit, while others will see science fiction coming to life and all the fears that come with it. The Smart Teddy Bear could be an amazing educational toy that also allows children to feel as if they are never alone. It could help build cognitive learning and encourage social integration and confidence, areas where some children suffer greatly. This technology has the power to bring our newest generation into the real world, encouraging conversation, actual friendships, and playtime without a tablet in hand. It will encourage innocence a bit longer in life, which is great considering how society is shifting due to loss of innocence.

Overall, this is an amazing product to keep tabs on and possibly invest in during the Kickstarter phase.

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