'Economy of Things'— 3.3 Billion IoT Devices Will Be Traded With Each Other by 2030

By the next decade, internet-connected devices will be making a huge impact when it comes to trading money and data. A report commissioned by UK-based firm Vodafone suggests that this could likely bring "The Economy of Things" in 2030.

Meteoric Growth of IoT Devices Can Prompt EoT

A report from STL Partner, a telecommunications consultancy, says that some 3.3 billion IoT (Internet of Things) devices will persistently trade with each other seven years from now.

As RCR Wireless News reports, by next year, there will be a meteoric jump in the number of internet-connected devices on the planet.

As the authors wrote in the report, the six-year increase of 3,750% is enough to trigger the so-called the Economy of Things or EoT.

According to the researchers, EoT is a smaller group under IoT. Additionally, the report says that it will make up over 10% of the IoT market around the world. It is projected to hit a 68% compound growth rate yearly.

Majority of Data Could Come From Vehicles

There will be a major shift in the rise of EoT as each year passes by. TechRadar states in its report that the majority of data from internet-connected devices could likely come from vehicles.

The report supports the relative maturity of vehicle telematics. This means that the overall ecosystem will likely rely on connected vehicles when it comes to data.

Aside from the cars and other moving machines, the traffic lights, charging points, and parking space sensors will partake in the communication via EoT.

STL Partners that by 2030, over 1.2 billion EoT smart grid devices will make up the market which accounts for 40%, not to mention the 700 million supply chain devices.

With AI on the rise, companies can now gather data from IoT devices to construct a prediction regarding energy. This will also make a guide for them if it's already the right time to sell the spare capacity to the grid.

Back in 2022, Vodafone released "Digital Asset Broker," a platform centered on EoT. The smartphone maker has anticipated the growth of the market in the future.

How IoT Revolutionizes Global Industries in Terms of Customer Service

City Life wrote in another report that IoT devices could make a huge trend in customer service among global companies. As such, this can be done by collecting a big amount of data from the devices. Later, the gathered information can be used to assess how customers view these things.

Furthermore, collecting important data about the device can help firms to increase customer satisfaction. This could also be a good method to improve their relationship with their customers.

Indeed, integrating IoT in improving customer service is crucial, not just to enhance business growth but also to tackle effective methods in solving problems and coming up with a proactive approach to prevent customer dissatisfaction.