IEEE Consumer Electronics Magazine - May/June 2022 - 61

Figure 2. Taxonomy of IoT devices and infrastructure.
in NIST Special Publication 1900-202,7 CPS and
IoT have converged to a hybrid engineered systems
of computing and physical components.
Industry 4.0 is touted as the digitization of the
production by means of computational and
autonomous systems epitomized by CPS.8 CPS
intertwined with Industry 4.0 with smart factory
as the building block to increase productivity,
enhance customization, reduce cost, improve
quality, and market share. Industrial IoT (IIoT) is
a key technology for this paradigm shift.
Figure 2 provides a taxonomy of the IoT
marketplace, in terms of the functionality and
by the sectors of deployment. For the former,
IoT Edge, core, and applications are the toplevel
categories. Sensors, actuators, and other
devices make up the endpoints, which are connected
to the core via edge networks, there may
be some local (pre)processing done at the
end through edge/fog computing. The IoT Core
may be traditional (non-Cloud), private, or public
cloud. As for the latter, we consider three
major top-level domains of applications: Commercial,
industrial, and consumer. The major
fields in the commercial IoT domain include
smart retail, connected healthcare (Internet-ofMedical-Things
(IMoT), public safety, and other
services, building automation, intelligent transportation
system (ITS) and logistics, and smart
city. Wearable, digital assistants, such as Google
Home, Amazon Alexa, home automation, and
consumer electronics compose the consumer
IoT. Finally, IIoT9,10 is made up of smart
manufacturing and factory, smart agriculture,
smart energy including the smart grid, smart
supply chain, supervisory control, and data
acquisition (SCADA), and other ICS.
May/June 2022
IoT TRENDS
Statista research reports the explosive
growth, adoption, and proliferation of IoT in
Figure 3 in terms of the number of devices and
the data volume is expected to reach 79.4 zettabytes
by 2025 with 10.27 average number of connected
residential devices in the US as of 2020.
IoT analytics expects the IoT market spending
to grow from $151B in 2018 to $1567B by
2025 as shown in Figure 4, with CAGR of 34%.
IoT is increasingly becoming indispensable
to the manufacturing industry, asset monitoring,
manufacturing operational intelligence,
remote servicing, remote monitoring, and predictive
maintenance. Government-sponsored
initiatives and innovative efforts made by key
companies are expected to augment the adoption
even further, with five key vertical markets
of smart cities, connected homes, connected
vehicles, wearables, connected retail, and connected
health and wellness, according to the
IoT Consortium.
The COVID-19 pandemic triggered even a
faster pace of adoption as a result of the
Figure 3. Number of IoT devices worldwide from
2015 to 2025 in billions.
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