The corporate 'Internet of Things' will encompass more devices than the smartphone and tablet markets combined
That's because businesses have the capital and reach to purchase IoT devices and services on a large scale. They will see benefits from the IoT accrue fast enough to spur further adoption and investment.
IoT devices range from robot-like units to tiny chips that hook into industrial or office machines allowing the user to fully control the device, or merely collect specific data from it.
- The enterprise will be the largest IoT device market: There will be a total of 23.3 billion IoT devices connected by 2019 across all sectors, we estimate. Of those 23.3 billion devices, the enterprise market will account for around 40% of the total or 9.1 billion devices, making it the largest of the three IoT sectors.
- The enterprise IoT will be massive on its own, larger than the mobile market strictly defined. That also means that in 2019 the enterprise IoT alone will be larger the entire smartphone and tablet markets combined, which BI Intelligence forecasts will include around 6 billion devices by 2019.
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Here are more of the key findings from the BI Intelligence report:
- The enterprise sector will account for 39% of the roughly 23 billion active IoT devices we expect by the year 2019. We believe it will be the largest of the three main IoT markets including enterprise, home, and government.
- Spending on enterprise IoT products and services will reach $255 billion globally by 2019, up from $46.2 billion this year, according to our estimates. This represents a 5-year CAGR of 40%.
- Enterprise IoT software providers will earn far more than those who provide IoT hardware. Enterprise-focused IoT software and services sales will reach $43.9 billion by year-end, while hardware will account for about $2.3 billion in revenue, according to our estimates.
- The manufacturing, transportation and warehousing, and information sectors will invest the most in IoT systems and devices in the next five years, we estimate. Manufacturers are currently the leading industry to use IoT devices and we estimate there total IoT investment will reach $140 billion over the next 5 years.
- The primary barriers to installing the IoT within businesses include the high costs for installation and increasing vulnerability to a cyber attack.
This is just a small piece of our comprehensive 22-page report. Become an expert on the topic by accessing the full report now »
The full report:
- Examines how many IoT devices the enterprise will use and what those devices will look like
- Forecasts the value that businesses will see from implementing IoT solutions and the amount that will be spent upgrading
- Analyzes executives sentiment towards the IoT and how they are already putting the IoT to work
- Examines which industries are at the forefront of implementing the IoT and how they use the data the IoT generates
- Provides specific case studies of how businesses are using IoT systems in their workplace