January 10, 2018

Things to know about the hot IoT market

Just about every major technology research firm is analyzing the Internet of Things marketplace. It is arguably one of the hottest trends of the foreseeable future.

In a recent Forbes article, “2017 Roundup Of Internet Of Things Forecasts,” contributing writer Louis Columbus recaps the predictions made by over 12 research firms. Some of the major findings by these firms include:

  • The global IoT market is projected to grow from $2.99T in 2014 to $8.9T in 2020, attaining a 19.92% Compound Annual Growth Rate.
  • Discrete Manufacturing, Transportation and Logistics, and Utilities will lead all industries in IoT spending by 2020, averaging $40B each.
  • The hottest application areas for IoT in manufacturing include Industrial Asset Management, Inventory and Warehouse Management and Supply Chain Management.
  • Worldwide spending on the IoT is forecast to reach $772.5B in 2018, an increase of 14.6% over the $674B that will be spent in 2017.

Organizations are ramping up their investments in IoT driven by the benefits they are seeing in their companies and others across the world. To find out additional information about IoT and market forecasts read the entire Forbes article.