Hyperconnectivity presents billion-dollar opportunities in connected living ecosystem
The number of connected devices across the globe 30.4 billion in 2020 to 200 billion by 2030, presenting a burgeoning new market in a connected living ecosystem, according to the latest data from Frost & Sullivan.
The research suggests the device-to-person ratio will exceed 20:1 by 2030 as the world enters an age of hyperconnectivity and accelerates businesses digital transformation.
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Annual compound growth rate for the number of connected devices is projected at 20.7% and the convergence of cities, homes and workplaces will result in ubiquitous connectivity and the emergence of new product applications, business models, technologies, platforms and services.
Demand will primarily be grown by advanced software technology, widespread content streaming and network integration.
Rising demand is projected to quadruple smart and connected home penetration over the next five years, rising to 18% by 2025.
Furthermore, spending on the smart city sector - still a fledgeling industry - is expected to reach $327 billion by 2025, edges on my adoption of AI tech and as 5G services become more common.
Vinay Venkatesan, a program manager for TechCasting at Frost & Sullivan predicts that the future home will become a 'central hub' for connected living.
He said: "The demand for connected living solutions soared as a result of the COVID-19 outbreak in 2020, as it allows homes to evolve into on-demand workspaces and much more. Continued advancements in connectivity technologies such as cloud services, Internet of Things (IoT), video conferencing, mobility, robotics, and AI will create innovation frontiers for connected technology and service providers."
"The convergence of 5G and Wi-Fi 6 will be a crucial enabler for connectivity as they will improve communication network speed, customer experience, and long-term cost efficiency."
"To succeed in the connected era, companies cannot do it alone. Enterprises need to establish new partnerships, engage with a broader ecosystem, and explore new business models to deliver a unique value proposition. While connected living drives digital resilience, it also carries major risks such as data insecurity and vulnerability to cyberattacks. Therefore, organizations are encouraged to develop a detailed cybersecurity strategy that will align with their goals and facilitate the provision of secure connected services to customers anywhere."
The research suggests that 70% of companies are expected to operate a hybrid workflow by 2030, allowing them to eliminate repetitive or manual tasks and, theoretically, redistribute their human workforce elsewhere.
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Frost & Sullivan refer to the mass adoption of digitalisation as a "living services ecosystem," where a "digital-first" strategy allows for governments to partner with connected service providers to deliver social benefits, improve public service outreach and raise awareness amongst citizens.
The company suggest the ecosystem would need to be completely open in order to work successfully, which requires an aura of trust between all parties involved.
Network service providers can position themselves as trusted partners and build an ecosystem dedicated to the installation, control, and management of data across multiple environments.
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