According to IDC, worldwide spending on the IoT is forecast to reach $772.5B in 2018. That represents an increase of 15% over the $674B that was spent on IoT in 2017.
The global IoT market will grow from $157B in 2016 to $457B by 2020, attaining a Compound Annual Growth Rate (CAGR) of 28.5%.
Discrete Manufacturing, Transportation and Logistics, and Utilities will lead all industries in IoT spending by 2020, averaging $40B each.
Bain predicts B2B IoT segments will generate more than $300B annually by 2020, including about $85B in the industrial sector.
Internet Of Things Market To Reach $267B By 2020 according to Boston Consulting Group.
According to IDC FutureScape: Worldwide IoT 2018 Predictions, By the end of 2020, close to 50% of new IoT applications built by enterprises will leverage an IoT platform that offers outcome-focused functionality based on comprehensive analytics capabilities.
The last twelve months of Internet of Things (IoT) forecasts and market estimates reflect enterprises’ higher expectations for scale, scope and Return on Investment (ROI) from their IoT initiatives. Business benefits and outcomes are what drives the majority of organizations to experiment with IoT and invest in large-scale initiatives. That expectation is driving a new research agenda across the many research firms mentioned in this roundup. The majority of enterprises adopting IoT today are using metrics and key performance indicators (KPIs) that reflect operational improvements, customer experience, logistics, and supply chain gains. Key takeaways from the collection of IoT forecasts and market estimates include the following:
The global Internet of Things (IoT) market is projected to grow from $2.99T in 2014 to $8.9T in 2020, attaining a 19.92% Compound Annual Growth Rate (CAGR). Industrial manufacturing is predicted to increase from $472B in 2014 to $890B in global IoT spending. Healthcare and life sciences are projected to increase from $520B in 2014 to $1.335T in 2020, attaining a 17% CAGR. Source: Statista, Size of the Internet of Things market worldwide in 2014 and 2020, by industry (in billion U.S. dollars).
The global IoT market will grow from $157B in 2016 to $457B by 2020, attaining a Compound Annual Growth Rate (CAGR) of 28.5%. According to GrowthEnabler & MarketsandMarkets analysis, the global IoT market share will be dominated by three sub-sectors; Smart Cities (26%), Industrial IoT (24%) and Connected Health (20%). Followed by Smart Homes (14%), Connected Cars (7%), Smart Utilities (4%) and Wearables (3%). Source: GrowthEnabler, Market Pulse Report, Internet of Things (IoT), 19 pp., PDF, free, no opt-in.
Bain predicts B2B IoT segments will generate more than $300B annually by 2020, including about $85B in the industrial sector. Advisory firm Bain predicts the most competitive areas of IoT will be in the enterprise and industrial segments. Bain predicts consumer applications will generate $150B by 2020, with B2B applications being worth more than $300B. Globally, enthusiasm for the Internet of Things has fueled more than $80B in merger and acquisition (M&A) investments by major vendors and more than $30B in venture capital, according to Bain’s estimates. Source: Bain Insights: Choosing The Right Platform For The Internet Of Things
The global IoT market is growing at a 23% CAGR of 23% between 2014-2019, enabling smart solutions in major industries including agriculture, automotive and infrastructure. ― Key challenges to growth are the security and scalability of all-new connected devices and the adherence to open standards to facilitate large-scale monitoring of different systems. Source: Export opportunities of the Dutch ICT sector to Germany (25-04-17), PDF, 95 pp., no opt-in
According to Variant Market Research, the Global Internet of Things (IoT) market is estimated to reach $1,599T by 2024, from $346.1B in 2016, attaining a CAGR of 21.1% from 2016 to 2024. Asia-Pacific is predicted to grow at the fastest CAGR over the forecast period 2016 to 2024. The growth is attributed to increasing adoption of IoT in emerging countries such as India and China, high rate of mobile and internet usage, and development of next-generation technologies. Source: Global Internet of Things (IoT) Market: Rising Adoption of Cloud Platform Noticed by Variant Market Research.
$6T will be spent on IoT solutions between 2015 and 2020 according to PwC. IoT investments by businesses will grow from $215B in 2015 to $832B in 2020, while consumer spending on IoT solutions will rise from $72B to $236B. Source: PwC, Leveraging the Upcoming Disruptions from AI and IoT, 20 pp., PDF, free, no opt-in
Discrete Manufacturing, Transportation and Logistics, and Utilities will lead all industries in IoT spending by 2020, averaging $40B each. Improving the accuracy, speed, and scale of supply chains is an area many organizations are concentrating on with IoT. IoT has the potential to redefine quality management, compliance, traceability and Manufacturing Intelligence. Business-to-Consumer (B2C) companies are projected to spend $25B on IoT in 2020, up from $5B in 2015. The following graphic compares global spending by vertical between 2015 and 2020. Source: Statista, Spending on the Internet of Things worldwide by vertical in 2015 and 2020 (in billion U.S. dollars).
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