A study conducted by Juniper Research has found that the number of connected IoT (Internet of Things) devices, sensors and actuators will exceed 46bn in 2021
According to the research firm, a reduction in the unit costs of hardware will be the biggest contributing factor the 200 per cent increase from 2016. Juniper predicts that it will average close to the ‘magic’ US$1 throughout the period.
“The platform landscape is flourishing”, said research author Steffen Sorrell. “However, analytics and database systems are, for the most part, not architected to handle the Big Data 2.0 era that the IoT brings,” he added.
Juniper highlighted key areas where disruption is needed, such as spatiotemporal analytics and intelligent systems able to run on less powerful machines (eg routers). The company noted that without changes in attitude from service providers, launching an IoT project would be too difficult for non tech-savvy customers.
Juniper stated initiatives such as Exosite’s IoT Alliance (a large partner network) and Rubicon Lab’s flexible business models will be key in driving market traction forward.
The South African market has seen strong growth in the local market in the past year and IoT.nxt, a Preotria-based Iot company has witnessed this.
"We have experienced strong growth in the local market in the past year and we are ready to use the London office as a base to make inroads in the fast-growing global IoT market, CEO, Nico Steyn said in a statement.
"We chose the UK as out first expansion outside South Africa due tot he established strong business and trade ties between the countries and ease of communication between that office and the local head office. It offers an excellent foundation for expansion into Europe at a later stage."