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The Business of Internet of Everything

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 Sujith Vasudevan, Managing Editor

The journey of the evolution of IoT is mesmerizing. It is one of the rarest technologies that started its journey, from lights and fans in our homes to transforming how industries function. From home automation to industrial IoT (IIoT). Today, IIoT is used in nearly every aspect of manufacturing. Interestingly, North Carolina (US) based Sugar Creek Brewing even uses AI and IIoT to check beer quality! The story goes like this. The fill levels of the

beer bottles led to excessive foaming, which, in turn, led to excessive dissolved oxygen in the beer. Too much oxygen in the beer ruins the quality of the flavor and reduces the shelf life. This annoying manufacturing trouble used to cost Sugar Creek $30,000 per month. They deployed an IoT system, including cameras, to efficiently track and control the foaming.

Sugar Creek reminds us that the uses of IoT are endless. Indeed, we have barely scratched the surface of what’s to come. When 5G and AI join the party, automation becomes a powerhouse that will change the world economy. The global IoT Connectivity Market, which was valued at over $4.51 billion in 2022, is expected to hit $25.08 billion by 2029, growing at a CAGR of 21 percent during the forecast period (2023 to 2029). On the other hand, the global IIoT market is projected to be $106.1 billion by 2026 from $88.2 billion in 2023, growing at a CAGR of 6.7 percent during the forecast period.

Most importantly, the IoT market manifests steady growth. For instance, the IIoT market observed that the growth rate was 5.79 percent from 2021 to 2022. Furthermore, according to the latest market forecast from IoT analyst firm Transforma Insights, there will be 34.4 billion connected IoT devices worldwide in 2032. It’s a great time to be in this novel Internet of Everything Business.

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