This years’ series of Internet of Things (IoT) and Industrial Internet of Things (IIoT) forecasts reflect a growing focus on driving results using sensor-based data and creating analytically rich data sets.
The Internet of Things (IoT) is the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data.
The global IoT market will grow from $157B in 2016 to $457B by 2020, attaining aCAGR of 28.5%. Discrete Manufacturing, Transportation and Logistics, and Utilities will lead all industries in IoT spend.
Gartner, Inc. forecasts that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020. Total spending on endpoints and services will reach almost $2 trillion in 2017.
Is the Internet of Things the world’s most confusing tech trend? On the one hand, we’re told it’s going to be epic, and soon – all predictions are either in tens of billions (of connected devices) and trillions (of dollars of economic value to be created).