The rapidly developing Internet of Things (IoT) is one example of how advanced technology will quickly embed itself in our lives, automating away ongoing tasks and freeing us to concentrate on other tasks.
The IoT involves networking devices so that they automatically communicate with each other and only involve humans where necessary. These can be household objects, such as smart meters that transmit your electricity and gas readings to your energy supplier to prepare your bill. They can be integrated into our urban infrastructure, tracking the movement of public transport and sending updates to smartphone apps. Or they can be industrial, automatically monitoring the levels of parts in inventory and ordering more when needed.
The IoT will be a $1.1trn market by 2021, according to projections from research firm IDC.2 However, even this huge number doesn’t convey the pace at which IoT will be embedded in our everyday lives. By 2025, the average connected person will interact with an IoT-enabled device around 4,900 times per day.3
2IDC, December 2017, Worldwide Semiannual Internet of Things Spending Guide. 3Data Age 2025, November 2018, IDC data
3Data Age 2025, November 2018, IDC data
Robotics is another fast-growing area of disruption. Spending on robotics and the related field of drones is expected to reach almost $220bn per year by 2021, according to IDC.4 Robots have played a part in industry and manufacturing for many years, taking on repetitive or dangerous tasks. Yet they are becoming increasingly capable and flexible, which will open up whole new markets for robots to replace or work alongside humans.
4IDC, January 2018, Worldwide Semiannial Robotics and Drone Spending Guide.
*International Federation of Robotics, World Robotics 2019, https://ifr.org/downloads/press2018/IFR%20World%20Robotics%20Presentation%20-%2018%20Sept%202019.pdf Date range from 2013 to 2022, with 2019-2022 figures being forecast.
For example, surgical robots are already disrupting the practice of surgery. Already, they can carry out many tasks more precisely than a human surgeon, with the added advantage that the supervising surgeon can work remotely, meaning that top-level expertise for complex procedures can be available without doctors or patients having to travel.
Other exciting areas include 3D printing, also known as Additive Manufacturing (AM) – creating objects by building them up from raw materials such as plastic and metal, one layer at a time. This can reduce costs, speed up production and make supply chains more efficient.
A wide range of industries are beginning to adopt the technology: 3D Systems Corp for instance produces varied solutions, including parts for rocket engines, dentures for orthodontic device producers, soles for shoe makers, and even parts for vintage cars. Total revenues for AM products and services are likely to reach $15.8bn in 2020, according to Wohlers Associates, rising to $35.6bn by 2024.5
5Wohlers Associates, March 2019, Wohlers Report 2019
