3.3B devices will trade with each other by 2030

According to a new report, the number of connected devices doing business directly with each other is expected to reach 3.3 billion by 2030.

The report, commissioned by Vodafone and conducted by STL Partners, forecasts a significant increase from the current 88 million devices trading in 2024. Currents for businesses.

EOT refers to a future where vehicles, equipment and machines can interact and transact with each other through a secure digital platform. The report predicts that IoT will account for more than 10 percent of the overall Internet of Things (IoT) market by 2030, with a compound annual growth rate (CAGR) of 68 percent.

Recognizing the business opportunity, Vodafone is set to enter the EOT market in 2022 with its Digital Asset Broker (DAB) platform. The platform allows businesses from different sectors to quickly add their products, eliminating the need to build complex systems.

Jorge Bento, CEO of DAB at Vodafone, said:

“IoT has always operated in silos, with devices communicating only within the domain of the supplier of the device.

Frictionless interoperability between devices, people and sensors in the IoT domain and beyond provides a huge monetization opportunity for our partners and business customers.

Devices and services connected to the DAB platform are verified as trustworthy, allowing secure data and money exchange between them. This verification process assures consumers that they are dealing with trusted devices from a trusted authority.

David Palmer, Head of Product Management for DAB at Vodafone said:

“The huge opportunity and primary source of revenue for IoT comes from generating data from IoT devices and sensors in real time.

These include AI algorithms to generate monetizable events for subsequent transactions through smart contracts.

EoT presents a huge opportunity for data monetization. Currently, about 75 percent of the data generated by connected IoT devices cannot be shared across different devices and systems. Through greater industry-wide collaboration, EOT can unlock the untapped value of this data resource. Interoperability between devices, people and sensors will allow seamless communication, business and transactions across multiple systems and environments.

Connected vehicles are expected to have the largest number of EOT-enabled devices by 2030. The maturity of vehicle telematics and the value of the data collected by vehicles make them prime candidates for EOT integration.

Additionally, the report estimates that there will be more than 1.2 billion EoT-enabled smart grid devices and 700 million supply chain devices by 2030. Smart grids can use IoT data analyzed with AI to predict energy demand and sell surplus capacity back to the grid.

Mark Williamson, Global Head of FX Partnerships and Proposals at HSBC, commented:

“There are a lot of opportunities with EOT so it is important to think about where it will make rapid progress in its first phase.

There is a lot of interest and penetration in the world of motoring and EVs, and this will be an important starting point.

The report highlights key guiding principles for individuals, businesses and public sector organizations to successfully enter the EOT ecosystem. These principles emphasize data sharing that respects user control and privacy. For example, household IoT machine data can be shared with energy players to optimize energy management without invading privacy.

As EOT continues to evolve, businesses have the opportunity to tap into new markets and revenue streams. The STL Partners report provides recommendations on how businesses can take advantage of the EOT ecosystem.

full report can be found Here (PDF)

(Photo by Kelly Sikkima on Unsplash)

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tag: Economy of Things, Internet of Things, IoT, Report, Research, STL Partners, Vodafone