Anyone who’s a keener with the all the workings of the digital world will be familiar with the acronym IoT and the fact it stands for the Internet of Things. We’ll go ahead and assume you’re one of them if you’re a regular here and reading our blog entries with any degree of regularity. It never takes long for major technological infrastructure developments to branch off into subsets of the original, and that’s exactly with the newfound EoT – Economy of Things – and the way this new level of interconnectivity is set to revolutionize the online business world is quite something.
Much of what makes this practical and appealing at the same time is that people will always want to have straightest distance between two points available to them when it comes to completing transactions for services / goods obtained. The IoT certainly has much more of a relation to services than goods, but when you think about all of the services we take advantage of on a regular basis it makes sense that implementing web-based tech to simplify transaction processes is going to be to most people’s liking.
And this makes sense to us here at 4GoodHosting in the way it would for any good Canadian web hosting provider too. We are likely to see a lot of inroads made in between the EoT and SaaS and PaaS services / products as well, and we are certainly just seeing the tip of the iceberg with where this is going to go and how far-reaching this is going to be. So we’re going to look at how much inter-device trading is expected over the course of the remainder of this decade here with this blog entry.
Intersections for Data and Money
The expectation is that by the end of the 2020s, around 3.3 billion Internet-connected devices (IoT devices) will be taking money and data and trading directly between them. The same calculations that came to that are saying that for 2024 the number will be 88 million devices participating in EoT and so it puts into perspective how much this is going to grow explosively over the next 6 years.
It actually trends to be something in the vicinity of a 3700+% increase over that time, and how it relates to people who have their business online is that many will need to be evaluating their digital frameworks themselves to see if they’re positioned to be able to accommodate the change. Real-time global digital markets will need to be available for indexing, searching, and trading and set up to be as accommodating as possible for EoT transactions.
EoT as a subset of IoT will likely dictate that more than 10% of the overall IoT market will experience a compound annual growth rate that is well above 50%, and some economists are saying this has the potential to be the ‘liquefaction of the physical world’. IoT devices will be able to share their digital assets autonomously via IoT marketplaces.
A good example of this can be seen in the growth of electric vehicles that are rightly being promoted by governments in the face of manmade climate change. Vehicles will need charging, and the EoT will be a means of fast-tracking those transactions between smart vehicles and the charging stations. Further, data connected by vehicles will be valuable for others in the ecosystem. Connected vehicles could communicate and coordinate with charging points, parking space sensors, and traffic lights, and do so directly via EoT.
Huge Jump in Smart Grid Devices
These same industry experts are also foreseeing more than 1.2 billion EoT-enabled smart grid devices to be in place and in operation by 2030, which makes up around 40% of the total opportunity forecast. Some 700 million supply chain devices will be located alongside the smart grid devices. AI-powered tools will be able to analyze IoT-generated data and use the data to anticipate surges in demand for energy, plus selling spare capacity back to the grid when the opposite situation is the case.
Notably here Vodafone built an EoT platform last year called Digital Asset Broker in anticipation in the huge growth of EoT-connected devices over the next 6 years. Other companies also have an eye on the rising EoT sector include banks and financial organizations. There are so many opportunities with EoT and anticipating it to progress fast in its first stages means that being as well prepared in advance with relation to infrastructure makes a lot of sense.
