Internet of Things market size – additional information
The Internet of Things (IoT), a vast network of smart objects which work together in collecting and analyzing data, is a promising concept of the technology industry for the coming years. The global IoT market is projected to nearly double in size between 2014 and 2017, passing the one trillion U.S. dollars mark by that year. By 2019, the global IoT market is forecast to be valued at more than 1.7 trillion U.S. dollars, with the number of connected devices worldwide forecast to reach 20.35 billion in the same year. As of 2015, connected cities, cities or hubs that use information, communication technology and connectivity to address urban problems, remain the most important IoT subsystems.
The consumer electronics industry is the largest IoT market, with projection to increase its value from 1.15 trillion U.S. dollars in 2014 to over 2.2 trillion U.S. dollars by 2020. Another promising segment is the automotive industry, which is also expected to double its market value in the same time span. As of May 2015, companies of the automotive sector spent an average of 93.51 million U.S. dollars on Internet of Things; this amount corresponds to 0.35 percent of companies’ revenues from this sector. Other industries have higher IoT expenditure in comparison to the automobile industry, which is ranked eighth in average spending. The travel, transportation and hospitality sector has the highest investment amongst selected industries. The companies in this particular sector invest 0.6 percent of their revenue on IoT, which rounds up to 128.87 million U.S. dollars.