The global Internet of Things (IoT) market will be worth USD 1.1 trillion in revenue by 2025 and, to become part of this global market, Bangladesh has already taken different initiatives.
The global Internet of Things (IoT) market will expand by 2025 as market value will shift from connectivity to platforms, applications and services, according to new data from GSMA Intelligence.
By that point, there will be more than 25 billion IoT connections (cellular and non-cellular), driven largely by growth in the industrial IoT market. The Asia-Pacific region is forecast to become the largest global IoT region in terms of both connections and revenues.
“To be part of this global market, Bangladesh has already taken different initiatives. We have already started exporting IoT products,” Posts, Telecommunications and Information Technology Minister Mustafa Jabbar told The Independent.
“The government has an eye on increasing its use in the country. Our Hi-Tech Park will be one of the main hubs for IoT products and services,” added Jabbar.
“As the number of connected consumer devices and industrial machines grow rapidly, the IoT ecosystem will evolve to become a trillion-dollar market over the course of the next decade,” said Sylwia Kechiche, principal analyst (IoT), GSMA Intelligence.
“But the IoT revenue opportunity is shifting away from simply connecting devices to addressing specific sectors with tailored solutions, and successful ecosystem players will need to adapt their business models in line with these market trends,” he also said.
In July 2018, an Internet of Things (IoT) device developed by the Dhaka-based firm DataSoft will solve the water supply crisis faced by Mecca in Saudi Arabia, in what can be viewed as yet another giant stride for Bangladesh's ground-breaking tech firm.
Mecca does not have a central water system, and the inhabitants get by with portable water tanks. More often than not, the households cannot tell when the tanks are nearing
depletion; they only find out when the supply has ended, creating great inconvenience to them.
Now, thanks to the USD-450 device developed by DataSoft, the households will get an alert when the water level in the portable tanks hits 10 per cent, indicating that a change or refill is in order.
“This IoT device will ease the huge pressure Mecca city faces to properly supply water during Hajj every year, when pilgrims from all over the world flock to the country,” said Mahboob Zaman, managing director of DataSoft Systems Bangladesh. Mecca-based Sakn Alwantaniya will initially take about 5,000 units of the state-of-the-art device, which will be installed inside the water tanks.
More orders will be placed, depending on the efficacy of the IoT devices.
Shipments will start from July 31, 2018, with a batch of 100 units.
GSMA Intelligence forecasts that globally, the total number of IoT connections (cellular and non-cellular) will reach 25.2 billion in 2025, up from 6.3 billion in 2016. The industrial segment, which refers to IoT solutions deployed within enterprises or vertical-specific applications, will account for more than half the total connections by that point (13.8 billion), while the number of IoT connections in the consumer segment will reach 11.4 billion, driven by developments in the smart home market.
“It’s well understood that connectivity will represent only a fraction of the total IoT opportunity.
Complementing our IoT connections data with this major new dataset and analysis on IoT revenue provides a comprehensive and realistic view on where market opportunities exist for operators, vendors, integrators, and everyone else playing in the IoT ecosystem,” explained Peter Jarich, head of GSMA Intelligence.