As the foundation of Industry 4.0, for years, the IoT has been the driving force of innovation in the industrial sector and beyond. From security to machine learning, in this article we analyze IoT market perspectives and forecasts for 2023.
Growing IoT market in 2023
The use of Internet of Things technologies in the manufacturing industry is increasingly broad, with a constantly growing market. From automotive to healthcare, the applications of IoT devices are diverse, with benefits such as monitoring, advanced real-time data collection and analysis, and error prevention helping to increase production efficiency.
In addition to efficiency and analytics, the IIoT has also proven to be fundamental in the design and test phases. For example, in the manufacture of transportation equipment such as planes and trains, sensors can be used to measure the components upon which the safety, performance and life of the product depend. All these factors can only contribute to the growth of the IoT market.
Already in 2021, the global industrial IoT market reached a value of $76.4 billion. Further growth is expected in the period between 2023 and 2028, at a CAGR of 6.78% to reach USD 113.3 billion by 2027 (source expertmarketresearch.com).
Top IIoT trends in 2023
In terms of technological trends, the IoT prospects in 2023 identify 3 main focuses: security, digital twin and corporate metaverse, and healthcare.
A renewed attention to the issue of security is expected for the IoT market. In particular, the challenges related to the distributed and diversified nature of this technology will be addressed, which makes networks of connected devices vulnerable to cyber-attacks.
2023 will therefore be the scene of an intensification of the fight against hacking to minimize the possibility of accessing production data without authorization. For example, the US government has expressed plans to have standardized security labeling for IoT devices within the next year. In total, investments in security measures of about 6 billion dollars are expected in 2023.
Convergence between digital twin and metaverse
There has been a lot of talk lately about the metaverse and the digital twin, two technological trends that promise to redefine, at least in part, the way we work. Companies aim to bridge the gap between the real and virtual world once and for all.
In this case, IoT technologies such as sensors make it possible to create digital twins in production plants to allow operators to use the metaverse to improve business efficiency and productivity.
The Internet of Healthcare Things
Among the sectors that can benefit the most from IoT technology, we certainly find healthcare. Indeed, it is no coincidence that the value of IoT-enabled healthcare devices will reach $267 billion by 2023.
Among the major innovations in healthcare, 2023 will see the growth in the use of wearable devices and internal sensors. Leveraging the Internet of Things, healthcare professionals will be able to monitor patients’ conditions in real time and remotely. This is how the concept of “virtual hospital ward” will become more and more popular. That is, a system in which doctors, nurses and technicians will be able to supervise patient monitoring and care even outside the hospital.