Hi-tech market to achieve US$16 trillion by 2030

KUALA LUMPUR: According to Euromonitor International’s new research presented at IP EXPO Nordic 2018 yesterday, hitech goods production value is expected to triple to US$16 trillion (RM4.13 per dollar) in 2030.

“This shift towards more Internet-enabled products has been dubbed the Internet of Things (IoT). This refers to a virtual network connecting things, people and devices,” said Euromonitor International senior industry analys t , Justinas Liuima.

“IoT is set to be pivotal technology in the Industry 4.0 revolution and is expected to be the most impactful technological advancement for businesses over the next five years,” he added.

In fact, nearly 60 per cent of the 1,500 industry professionals surveyed by Euromonitor International in February 2018 ranked IoT’s impact ahead of artificial intelligence.

Liuma highlighted that 100 to 150 billion devices are expected to be connected to IoT by 2030, opening new business opportunities to telecoms and security service providers.

The telecoms market is forecast to grow by 84 per cent and reach US$4.3 trillion in 2030, while computer services are expected to reach US$5.9 trillion and 122 per cent growth.

The top three countries ready to use the advantages of the IoT are the US, Singapore and the Netherlands, with Scandinavian countries leading in Machine-to-Machine ( M2M) communicat i o n , communication technologies and cellular subscriptions.

Euromonitor International is a leading provider of global business intelligence and strategic market analysis, with more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets. — Bernama