In this news
- IoT market grows
- Other investments drive expansion
The Internet of Things It is a technology that has been on the market for a long time as an “emerging” technology. But now she’s starting to show concrete achievementsboth in functionalities for users and in benefits for the companies that promote it.
In fact, IoT (Internet of Things) is gaining ground globally and a strong boost to the segment is expected in Latin America this year.
“The adoption of IoT has shown a sustained growth. Respondents from Brazil and Latin America who indicated solutions in the production or proof of concept (PoC) phase represented 31% in 2019, 52% in 2021 and 58% in 2023,” said Logicalis’ IoT Snapshot 2024, a study that incorporates data from Brazil, Argentina, Chile, Colombia and Mexico. And he added that “In Brazil, 56 percent stated that their IoT budgets will be equal to or higher than those in 2022 and in, in the remaining countries, these same responses reached a 65%”.
Meanwhile, IoT Analytics experts stated that “IoT continues to be one of the top three corporate technology priorities“.
“In recent surveys by PWC, KPMG and BCG, IoT was ranked second or third after AI in terms of investment prioritization for emerging technologies. “The latest research finds that the growth of artificial intelligence is a strong tailwind for the IoT market, as companies are gaining interest in both AI and IoT within their organizations,” they stressed.
IoT market grows
Due to the investments that will be made, Fortune Business Insight expects the global IoT market to approach $714 billion globally by 2024. Meanwhile, data from Statista projects that revenues in the market of IoT for the consumer in Latin America reach the 8.57 billion dollars this year.
According to Logicalis specialists, the debate on IoT can also benefit from “synergic” technological issues that have recently received a lot of attention in the market. Among them are the previously mentioned artificial intelligence and the 5G.
Investment in connectivity is one of the main challenges for IoT to grow in the region. According to the consulting firm IDC, the deployment of private mobile networks in 2024 is expected to exceed US$220 million in expenses related to wireless infrastructure, professional and managed services.
Other investments drive expansion
If both network infrastructure and the adoption of AI are strengthened, the IoT segment in the region has many opportunities to grow. So much so, that for the consulting firm Informe de Expertos, the IoT market in Latin America has the capacity to expand to a compound annual rate of 11.2% between the years 2024 and 2032.
“We do not have a crystal ball and it would be naive to try to offer opinions by analyzing only past trends (even because the market forces that act on these new technologies are very different), but this information can be very useful for debates and design of technological adoption strategies for the coming years,” they evaluated from Logicalis. And they concluded on their IoT Snapshot 2024 report: “We see a scenario in which we have already seen many advances and which can benefit even more from new trends.”
However, experts emphasize that in order to take advantage of the benefits of IoT, it is crucial that organizations invest not only in technological issues. They must also take into account disciplines such as people and the management of changein addition to deepening the knowledge of the business and technology among the company teams.
