The revenue of the IoT market worldwide is expected to grow to $1.1 tril by 2024 with a CAGR of 13%, a new report said. The IoT market globally was worth $ 622bn last year and $586 bn in 2019. Enterprise IoT generated almost 76% of the total revenue in 2020. IoT devices, due to COVID-19, saw an rise in usage in thermal cameras and sensors in offices. 45% of those surveyed believe IoT will play a key role in business development in the next three years.
Samsung is building a web panel access to its home platforms SmartThings. At present SmartThings, one of the oldest smart home platforms which are still actively supported is accessible via Android and iOS mobile apps only. Samsung started the development on a web panel for SmartThings in May 2019, which was closed down in the same year. The web app project was “running into shifting requirements from legal and security teams”.
Samsung’s new software update will convert old Galaxy phones to IoT devices to control sound and light devices. The update, as of now, is available for all Galaxy S, Note and Z smartphones, launched in 2018 onwards, and running on Android 9. The smartphone maker under the programme named Galaxy Upcycling will add more devices in future. Samsung is doing beta in South Korea, the US and the UK for the programme.
Enterprise arm of Vodafone Idea, Vi Business, has launched ‘Integrated IoT Solutions’ for large businesses to become the only telecom firm in India to offer a secure end-to-end IoT solution having connectivity, hardware, network, application, analytics, security and support. Ravinder Takkar, MD & CEO, Vodafone Idea Limited, said: ” Vi is helping enterprises succeed in IoT, thereby paving the way for a digitally enhanced market in India.”
Global cellular IoT module shipments will hit 780 mn units in 2024 to reach $11.5 bn in revenue. India market will have the highest growth at 38%, said Counterpoint Research’s Global Cellular IoT Module and Chipset Forecast. NarrowBand-IoT will lead the cellular IoT module shipments by 2024, followed by 4G and 5G. North America will overtake Europe in 2024 to become the second-largest market after China.
Akamai will acquire Inverse to boost IoT security services for an undisclosed sum. The aim is to enhance its zero-trust portfolio and bring IoT security solutions by using Inverse’s data repository and algorithms that identify IoT devices like HVAC, lighting systems, medical equipment, robotics, printers. The acquisition will combine device Inverse’s fingerprint data repository and Akamai’s security data to achieve enhanced devices and workforce security.
Reliance Jio is in advanced talks with OEMs to launch its own IoT services. Teleco’s pan-India IoT network-based, launched in partnership with Samsung, is already operational. Jio, as per media reports, has developed a comprehensive solution with the device, diagnostics, connectivity, platform and support. Jio aims to connect a billion connected IoT devices to its platform, unlocking Rs 20,000 cr opportunity per year.
China will surpass US to become the world’s largest IoT market in 2024 as it is expected to reach around $300 bn, with the CAGR to stand at 13% in the next five years, data from IDC said. China’s IoT spending will account for 26.7% of the global market, followed by the USA (23.8 %) and western Europe (23.4%). Among the 20 industries covered in the report, manufacturing, govt and consumer IoT spending will account for 50% of the market spending.
Venture Catalysts has led Rs 4.5 cr seed investment in agritech startup qZense Labs. The round was led by Manish Modi, MD, Mastermind Capital and Vedant Loyalka Chairman, Curae Health, 9Unicorns, The Chennai Angels, Entrepreneur First, London based VC and Lumis Partners. Founded in 2019, by Rubal Chib and Dr Srishti Batra, qZense aims to transform the fresh food supply chain industry with its end-to-end IoT-based solution.