BI Intelligence
Growth in the Internet of Things will peak in 2015
The Internet of Things (IoT) is beginning to grow significantly, as consumers, businesses, and governments recognize the benefit of connecting inert devices to the internet.
$4, we examine what is currently driving growth in the Internet of Things and how various sectors of the economy will embrace IoT innovations.
Here are a few of the key findings from the BI Intelligence report:
- $4. We estimate that by 2019 it will be more than double the size of the smartphone, PC, tablet, connected car, and the wearable market combined.
- $4. This includes hardware, software, installation costs, management services, and economic value added from realized IoT efficiencies.
- $4. Revenue from hardware sales will be only $50 billion or 8% of the total revenue from IoT-specific efforts, as software makers and infrastructure companies will earn the lion's share.
- $4, but that share will decline as the government and home sectors gain momentum. By 2019, government will be the leading sector for IoT device shipments.
- $4. The IoT promises increased efficiency within the home, city, and workplace by giving control to the user. However, many are hesitant to use devices as security problems are still an issue.
- $4. There are currently few standards (or regulations) for what is needed to run an IoT device. Consortia that group together global industrial, tech, and electronics companies are involved in an effort to standardize the IoT and solve the most pressing security concerns.
In full, the report:
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