At Rev.io, we are passionate about the industries we serve and are always looking to keep a pulse on what’s next. Today, we will examine the current state of IoT connectivity and mobility, take a deep dive into what the future holds, and explore the potential implications for service providers.
In the late 1980s, a company called CompuServe introduced “CompuServe Information Service” (CIS), a new service offering giving users widespread access to what would eventually become known as the Internet. Personal computing quickly gained traction, ushering in a new era of connectivity. The 1990s brought 2G technology, faster connection speeds, the first SMS message, and wifi. And by 2010, the snowball had continued with the widespread adoption of broadband, cloud computing, social networks, and connectivity over cellular networks, paving a new path towards global mobility and a digital revolution.
Today, almost two-thirds of the world’s population have a mobile phone, and more than half have a smartphone. Over half of the world’s web traffic comes from mobile devices and more than half of those mobile connections are broadband. This widespread connectivity has not only revolutionized the way consumers connect but also the way business is done, giving key decision makers access to data on demand.
A recent Gartner survey found that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016. As infrastructure expands, that number will continue to grow, forecasted to reach 20.4 billion by 2020. The phenomenal growth is stemming from two main groups:
Consumers represent the largest group of users of connected things, with 5.2 billion units in 2017. This year, consumer applications will represent 63% of total IoT applications.
While consumers are on track to purchase more devices, businesses will outspend the consumer group on Internet of Things solutions. IoT services represent a major driver of this growth. In 2017, IoT services spending (professional, consumer, and connectivity) is on pace to reach $273 billion.
As users are looking to their service providers for new and improved ways to connect with their data, businesses are looking for real-time ways to leverage it. This growing need for management and maintenance of connected services, and the massive slew of data that comes with it, is opening new revenue opportunities for providers. In fact, by 2022, the connectivity market will account for 24.69 billion total.
In the last 30 years, connectivity has evolved at a rapid pace, ushering in a new generation of mobility and opportunity. 2017 is the year for service providers to step up to the plate and create better experiences for end users. If you’re ready to take advantage of a space facing phenomenal growth, we’d love to help. Schedule a demo or contact Rev.io today to learn more about how Rev.io can help you grow in 2017 and beyond.