Industrial IoT (Industrial Internet of Things) refers to the application of IoT technology in industrial sectors. With a focus on M2M (machine-to-machine) communication and machine learning, Industrial IoT enables corporations to improve efficiency and reliability of key operations, leading to reduced costs and a minimisation of unplanned downtime. For this reason, IIoT connections will grow in every sector served by it, but it will be smart manufacturing the key growth sector of the Industrial IoT market over the next five years, accounting for 22 billion connections by 2025. But what measures should enterprises implement to make a success of IIoT?
The growing adoption of digital identity apps is changing the way citizens store their government-issued identities. In fact, civic identity apps are set to overtake the number of digital identity cards in use in 2023. This shift has definitely been aided by COVID-19, as the number of civic identity apps has grown unprecedently since the advent of the pandemic.
Digital therapeutics and wellness apps have become a lifeline for many during the pandemic, as people were unable to leave their homes to receive help maintaining their physical and mental health. As a result, the number of people using digital therapeutics and wellness apps are expected to grow from 627 million in 2020 to more than 1.4 billion in 2025.
Despite 2020 only being its first full year of commercial service, 5G is expected to become the driving force behind mobile operator revenue. Indeed, a new study from Juniper Research anticipates that 5G revenue will represent 44% of global operator billed revenue, thanks to the rapid migration of 4G mobile subscribers to 5G networks and new business use cases enabled by 5G technology. One of the reasons behind this growth is that 5G roll-outs are highly resilient to the COVID-19 pandemic, as supply chain disruptions caused by the initial periods of the pandemic have been mitigated through modified physical roll-out procedures.
Despite the popularity of digital subscriptions, such as Netflix or Spotify, it is the physical goods market that will drive subscription economy growth. Indeed, a recent Juniper Research study found that consumer subscriptions for physical goods will grow from an expected $64 billion in 2020 to more than $263 billion in 2025.
Despite the fact card and online payments may look very fast to us, they are not taking place instantly. Indeed, instant payments are transactions that are completed within ten seconds. This new payment innovation, which is currently led by Europe, will reach $18 trillion in 2025; generating a growth of over 500%. This represents 17% of all B2B and consumer digital money transfer and banking payments by value in 2025. It is therefore safe to say that instant payments have the potential to disrupt the current payments landscape.
A key new development in the IoV (Internet of Vehicles) is the introduction of payments to the connected vehicles concept. Indeed, a new study from Juniper Research has found that the value of in-vehicle payments, where a payment is made via embedded vehicle systems, will reach $86 billion in 2025, up from just $543 million in 2020. This dramatic growth will be driven by increased partnerships which are improving the availability of services, particularly in the fuel and smart parking segments.
During lockdown periods, consumer spend on sextech devices increased to simulate intimacy, without breaching social distancing measures. As a result, a new study from Juniper Research has found that there will be over 36 million connected sextech devices in use in 2020; rising from 19 million in 2019 and representing a growth of 87%.
Over recent years, developments in advanced cloud technology have turned the idea of cloud gaming from a potentially significant new model within the industry into a reality. Indeed, a new report from Juniper Research found that the video games industry will exceed $200 billion in value in 2023; growing from an expected $155 billion in 2020. And it will be mobile and cloud gaming to lead this growth, as the market shifts further towards recurring revenue, and purchase revenue declines by 5% over that period.
Smart checkout technologies provide much simpler user experiences by removing traditional checkouts; embracing a ‘just walk out’ approach. We predict that the value of transactions processed by smart checkout technologies, where the fixed checkout process is replaced by a frictionless model, will reach $387 billion in 2025, up from just $2 billion in 2020. The rapid growth will be driven by retailers seeking sustainable business models.