Since we talk a lot about the scope and potential of IoT devices I thought it would be useful to provide a brief overview of how this industry is shaping up based on research. It is important to know where your industry is heading before you invest significant resources into it.
The IoT market was valued at roughly $190 billion in 2018-2019 depending on where you look. Even though this may seem like a big number it is pennies compared to the global IT industry which is expected to hit a valuation of $5 trillion in 2020. Despite being only at a fractional of the value of the IT industry as a whole there is an upside, the promise of the IoT industry lies in its future!
Over the next five years the IoT market is expected to hit over $900 billion, with a Compound Annual Growth Rate (CAGR) of between 20-25%. This is well above the average and shows why so many companies and individuals are diving into this Industry, there is a big piece of pie left untouched and everyone wants to be the first ones to it.
A lot of the expected growth in the IoT industry is attributed to the growing needs of the banking, financial services, and insurance (BFSI) industries as well as agriculture. As the demand for solutions grow, many companies could put themselves in prime positions to take advantage and expand their business, the future definitely looks bright! Comment below if we missed anything or if you have any though on the future of IoT!
“Internet of Things (IoT) Market: Growth, Trends, and Forecast (2020 – 2025).” Market Research – Consulting, Reports, Advisory, Sizing, 2019, http://www.mordorintelligence.com/industry-reports/internet-of-things-moving-towards-a-smarter-tomorrow-market-industry.
“Internet of Things Market Size, Growth: IoT Industry Report 2026.” Internet of Things Market Size, Growth | IoT Industry Report 2026, July 2019, http://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307.
“IT Industry Outlook 2020.” Default, Nov. 2019, http://www.comptia.org/content/research/it-industry-trends-analysis.