Adoption of the Internet of Things is increasing the valuation of ICT goods

by | Mar 18, 2019 | IoT News

The UNCTAD aka UNCTAD is come up with a new study which showcased that the increase in demand for the electronic components which are used in the Internet of Things is increasing the trade value of the Information Communication Technology goods. In the latest news release, UNCTAD said that the importation of the ICT goods has risen to $2.1 trillion in the year 2017.

UNCTAD is one of the integral agencies of the United Nations. The agency said that the trade in ICT goods has grown faster in contrast with the merchandise trade. In the year 2017, the ICT goods have represented 13.4 % increase in valuation.

UNCTAD’s Technology and Logistics Division Director, Shamika N. Sirimanne has forward with a comment in respect to the similar news release. The growth in the ICT industry back in 2017, proved that the global imports of ICT goods have gone through a big rebound since the year 2014. According to Shamika, there is a whopping 6 percent in the yearly growth. This has also brought a remission to the decline in the last two years.

Shamika also said that the as the electronic components are generally the fundamental semiconductors as well as electronic circuits which shows that more and more activities, as well as products, are on the verge of going digital all around the world. The arrival of the Internet of Things is the sole reason behind the increase in trade value of ICT good. The trend is going to feature greatly in the forthcoming years.

As of now, the revenue of the electronic components trade has expanded since 2017 and has an annual growth rate of 8 percent. This indicated the trade of electronic companies lies right below the consumer electronics as well as computers which sits at 9 percent.

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Neelam Dimri

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