The findings suggest that the ‘Economy of Things<\/a>’ (EoT) – a world in which vehicles, devices and machines can interact and transact with each other via a secure digital platform – will account for more than 10% of the overall Internet of Things (IoT) market, representing a compound annual growth rate (CAGR) of 68%.
Of these EoT devices, up to 20% will be cellular-connected devices by 2030, according to STL<\/a>, which said that Vodafone<\/a>’s EoT platform currently uses SIM-enabled cellular technology to authenticate devices and verify their identity “however, we expect EoT solutions in the future to be able to address both the cellular and non-cellular market”.
The telecom research and consultancy firm expects to “see the inflection point by 2028” as businesses look towards the EoT to enable the monetisation of their IoT data.
“The EoT will enable the monetisation of data generated across a network of participating connected devices that can interact, communicate, trade and transact with each other across multiple systems and environments,” the report said.
It noted that 75% of the data currently generated by connected IoT cannot be shared across devices and systems, which is a “vast untapped resource of value that is yet to be realised”.
“IoT has always operated in siloes, with devices only communicating within the domain of the supplier of the device. Frictionless interoperability between devices, people and sensors in the IoT domain and beyond provides an enormous monetisation opportunity for our partners and business customers,” said Jorge Bento, CEO of DAB at Vodafone.
Digital Asset Broker or DAB, launched by Vodafone in 2022, is the telecoms group’s EoT platform which is underpinned by blockchain technology.
Notably, Vodafone ended FY23 with 162.3 million IoT SIM connections, up from 150.1 million a year earlier with 1 billion euros in annual IoT revenues.
In addition, STL forecasts that there will be more than 1.2 billion EoT-enabled smart grid devices by 2030, as well as 700 million supply chain devices.
“The huge opportunity and primary source of revenue for the EoT comes from generating data from IoT devices and sensors in real-time. These incorporate AI algorithms to generate monetizable events for subsequent transactions through smart contracts,” said David Palmer, head of product management for DAB, Vodafone.
Smart grid and supply chain devices are some of the use cases listed in the report. Others include solar panels, traffic lights, inventory systems and personalised subscriptions with everyday devices, even coffee machines.
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