In two years, analysts are confident that there will be 20.4 billion connected things live in the world, and as many as 12.8 billion of those will be catered to homes rather than businesses. While interior design and technology are concepts that are still fairly new, the onset of smart home devices is leading more cutting edge interior designers to incorporate smart tech when designing interiors for residential spaces. Even as more companies continue to market new IoT products, what really lures homeowners to request for smart homes is the promise of new features such as increased comfort, energy savings and home automation.
By the end of the decade, the Internet of Things (IoT) market is predicted to hit the $15 trillion mark, according to Deloitte. In recent years, we have seen the IoT transform the way we drive, our homes, the healthcare industry and its latest industry, financial services. By 2023, the global IoT in banking and financial services is set to be valued at $2.03 million. From banking to biometrics and compliance, investment in IoT across the industry is set to skyrocket; with industry giants making the case for the many benefits its inclusion can have. This year, we can expect to see the banking, lending and regulation subsectors take the forefront and others not far behind.
By 2040, 90% of all new cars will be connected by IoT according to reports by the TechJury Review. IoT is currently used on the road for various functions such as predicting traffic, giving accident related updates and in vehicle maintenance.