Bains & Company have recently predicted that by the year 2020, the IoT industry will be worth over 370 billion USD for vendors & service providers. According to IDC the automated industry will grow from 2.712 billion USD in 2015 to 7.065 billion USD in 2020 – A compound annual growth rate of 21.11%.
These figures and predictions by top market analysis firms, show a strong growth trend in the Internet of Things market.
We are witnessing a strong shift from the conceptualization phase to the practical application phase, namely in industrial IoT and automation solutions. As we’ve seen with past technological trends – they tend to grow stronger in industrial & larger service providers first, later moving into the hands of daily users once the technology had optimized and matured.
What do you think about the future of the Internet of Things? Let us know in the comments below.
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