In the next eight years, the number of devices attached to the Internet of Things (IoT) would have increased by 198.97 across the world, including Nigeria. As forecast by industry researchers, the number of IoT devices would grow from 9.7 billion in 2020 to over 29 billion IoT devices in 2030. GSMA Intelligence forecasts that the total number of IoT connections (cellular and non-cellular) globally would reach 25.2 billion in 2025, up from 6.3 billion in 2016. This contradicts the number projected by another world research platform, Statista. According to Statista’s report, the devices to be connected with IoT will increase to 13.1 billion in 2022; 15.1 billion in 2023; 17.1 billion in 2024; 19.1 billion in 2025 and continue grow up to 27.3 billion in 2029.
Meanwhile, a forecast by International Data Corporation (IDC) estimates that there will be 41.6 billion IoT devices in 2025, which will generate 79.4 zettabytes (ZB) of data. The IoT devices market size is projected to reach $2724.42 million by 2028 with a compound annual growth rate (CAGR) of roughly 10.10 per cent between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are LG Electronics Inc., Radio Thermostat Company of America, Qualcomm Technologies Inc., Amazon, Ecobee, SAMSUNG, Google LLC, Honeywell International Inc., Motorola Mobility LLC, Nest Labs, Pebble, Sony Corporation, and others. Facts and Factors just published a new research report titled “IoT Devices Market By Size, Share, Growth Analysis Report By Devices (Processor, Connectivity IC, Sensor), By Product Type (Fitness & Heart Rate Monitor, Connected Cars, Thermostats, Refrigerators, Radar, Glasses, Lighting System, Smart Bluetooth Trackers, Door Locks), By Application (Building & Home Automation, Connected Health, BFSI, Energy & Utilities, Connected Logistics, Transportation, and Manufacturing), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database. According to the latest research study, the demand of global IoT devices market size and share was valued at approximately $1,529.50 million in 2021.
The report analysed the IoT devices market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examined global opportunities in the global IoT devices market. Experts said Nigeria needed to brace to be part of the development, noting that the pacing of adoption of the emerging technology in the country is slow and poor. They believe that the deployment of 5G technology will spur its usage in the country.
A member of Internet Society, James Olorundare, an engineer, analysed the key issues and challenges militating against IoT readiness of Nigeria and acceptance. According to him, such issues include Quality of Service, Quality of Experience, government will and policies, infrastructure deficits security issues, privacy, etc. “The solutions to the challenges were also clearly expatiated to include, but not limited to, good government policies, national orientation and creation of awareness, encouragement of development of infrastructure, collaborative regulation, enactment of IoT Framework, Nigerian active participation in international Telecommunications Union-T Study Group 20 on Internet of Things Smart Cities and communities and Study Group 13 based on Future Networks like 5G technology, development of relevant human capital and excellent skill sets.
“Internet of Things (IoT) has evolved to become a critical key enabler of the Information Society and offers an opportunity to transform cities positively through such positive effects as intelligent building, smart healthcare, smart transportation systems together with smart energy and water networks. A lot of innovations are ongoing on the standardization of Internet of Things (IoT) in order to get the best benefits from the over the top innovation. “The innovations would assist the government and ICT industry in capitalising on the opportunities provided by the IoT to leapfrog our cities into Smart Cities of the Smart World. Internet of Things (IoT) goes beyond being a network of computer as it includes a network of different types of devices like smartphones, domestic appliances, cameras, automobiles, industrial devices, scientific and medical devices all connected and sharing information all the time. “IoT can be seen as a global infrastructure for the information society enabling digital services through the ability to tag identity, capture data, process such data and communicate the data without breaching security requirements and privacy rules respectively whilst the things and objects involved are physically and virtually connected.”