Forecasts point to an increase of 20.4% per year until 2030, the year in which the world market will be worth 1.74 billion dollars (1.46 billion euros). Grand View Research’s numbers reflect the increased use of smartphones, Internet of Things (IoT) devices, remote work and virtual assistants, among other factors. The impact is being felt in all types of areas, from customer experience to health, with changes that will be felt in consumers’ daily lives.
“The rise of connected devices creates multiple data touchpoints, giving marketers a greater understanding of customer behavior,” say Grand View Research analysts. “Many companies use hyperconnected devices to increase employee engagement with constant communications, which leads to market expansion,” they continue.
Furthermore, “the healthcare sector is seeing promising growth”, they highlight, indicating the growing trend towards a patient-centric approach. “In a hyperconnected healthcare industry, nurses and doctors can remotely monitor patients and diagnose health problems with medical applications connected by body sensors.”
Grand View identifies the development of 5G technologies as a key market driver. But what does it mean to live in a hyperconnected world?
According to the Institute for the Future (IFTF), “the hyperconnected world is a future in which 5G networks have been deployed globally and on a large scale, and in which the normal functioning of society depends on millions of devices connected with reliable, low-latency connectivity.” The IFTF points to a future in which sensors will be ubiquitous, the volume of data produced will double every six months (the most mind-boggling pace ever in human history), and there will be more interactions than ever between devices.
Growth will be driven not only by smart connected devices and cloud computing, but also by the need for companies to automate processes and accelerate innovation.
Some numbers allow us to visualize the scale of what is approaching: it is estimated that the ratio between devices and people will exceed 20 to 1 in 2030, reaching 200 billion. The convergence of different technologies, with emphasis on the role that Artificial Intelligence will play in the management and optimization of devices, will accelerate the realization and impact of the hyperconnected world.