The giant ecosystem that is the Internet of Things is growing, shifting and consolidating rapidly. We all know that IoT can change our lives and make our businesses more efficient, but what else should we know about IoT? Here are 17 facts and stats that will help you wrap your head around these rising trends.
IoT Predictions for 2017 & Beyond
2. According to IDC, global IoT spending will experience a compound annual growth rate of 15.6%, reaching $1.29 trillion in 2020.
3. Bain estimates that by 2020, annual revenues could exceed $450 billion for IoT vendors selling hardware, software and comprehensive solutions.
4. IoT Analytics states that the North America region is expected to have the highest CAGR of 36% by 2021. However, Asia will emerge as the largest continental market with $616 million by 2021.
IoT Devices & Connectivity
6. In 2018, Ericsson expects the number of IoT connected devices to surpass mobile devices.
9. According to IDC, Wi-Fi and Bluetooth low energy (BLE) are top contenders as preferred IoT connectivity mechanisms. However, long-range, wide-area networks (LoRaWAN) and narrowband IoT (NB-IoT) are equally poised to give a tough fight to Wi-Fi and BLE vendors.
What's Next in IoT for:
10. Accenture estimates the Industrial Internet of Things (IIoT) could add $14.2 trillion to the global economy by 2030.
12. According to Cisco, M2M connections will exceed 12 billion to represent nearly half (46%) of all of the devices connected to the Internet worldwide by 2020.
13. Business Insider estimates that global manufacturers will invest $70 billion on IoT solutions in 2020. That's up from $29 billion in 2015.
14. IoT Analytics expects manufacturing to be the biggest IoT platform segment, reaching $438 million by 2021.
15. The most desired functionality delivered by IoT for food manufacturers are location of tracked objects (91%) and containers (88%). Real Time Locating Systems (RTLS) help monitor the location and temperature. (Source) Click to tweet
16. IDC Health Insights anticipates that by 2020, 80% of consumer service interactions will use IoT, big data and analytics to improve quality, value, and timeliness of care.