Internet of Things installed base -- additional information
The Internet of Things (IoT) is a vast network of smart objects which work together in collecting and analyzing data and autonomously performing actions. The IoT is a highly promising concept, as forecasts show growth at a rapid pace for the coming years both in terms of market value and connected devices. The global market value of IoT is projected to pass the one trillion U.S. dollars mark for the first time by 2017, a significant increase, considering the market was valued at around 600 billion U.S. dollars in 2014. The number of connected devices worldwide is projected to increase from around 18 billion in 2015 to 50 billion by 2020.
The installed base of IoT devices is expected to jump from about five billion in 2015 to nearly 31 billion by 2020, with the consumer sector accounting for the majority of these units. The IoT installed base in the consumer sector is forecast to amount to 13.5 billion by 2020. The automobile industry is a promising sector for IoT and is forecast to account for about 14 percent of the IoT installed base in 2020. As of May 2015, companies of the automobile industry spent an average of around 93.5 million U.S. dollars on Internet of Things per year. Companies in the travel, transportation and hospitality industry have the highest annual spending on IoT – nearly 129 million U.S. dollars. Industrial manufacturing, banking and financial services and telecommunication are also industries with high spending on IoT.