Last year, one of the IoT market sectors specialized in the production of smart assistants for home was estimated at $80 billion. Experts suppose that in five years, the market capitalization may increase fourfold. At the moment, virtual assistants are presented in smartphones and loudspeakers. However, the list of smart home gadgets and their functionality will expand. In the near future, Alexa from Amazon and Google Assistant will not only control the operation of vacuum cleaners, microwaves or refrigerators, but they will also give advice on optimizing our households.
Massive digitalization amid the spread of wireless and high-speed Internet will touch not only homes, but also cities and their infrastructure. Analysts foresee that by 2025, the capitalization of the market sector may exceed $260 billion that is twice as big as the previous reading. Digital housing and utility platforms are likely to be the most flourishing. What is more, self-driving vehicles with all the necessary communications, including electronic maps, smart traffic lights as well as traffic cameras and traffic tracking systems, will also be among the leaders.
Smart manufacturing is one more promising field in the IoT market. In four years, this segment may advance fourfold to be estimated at $950 billion. Nowadays, gadgets allow us to remotely control the entire enterprises and individual branches as well as monitor smaller objects. For example, the management of Bosh found out that their workers needed a lot of time to find the necessary tool. To optimize the process, they attached special tracking sensors to all the tools. As a result, the concern increased both its labor productivity and profit.