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.
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).
- Manufacturing dominates the growth of IoT network connections in the last year, growing 84%.
- By 2022, Pressure and Temperature sensors will account for 62% of all globally enabled IoT sensors. Light sensors (17.27%), Chemical (10.21%), Motion (8.35%) and other sensors (1.97%) are the remainder of the market.
- 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.