The IoT has the potential to greatly influence the European economy. It was forecasted that the IoT would bring a revenue of approximately 2,133 billion U.S. dollars in Western Europe by 2020. When evaluating the market size of the IoT broken down by country in Europe by 2020, it is the United Kingdom (UK), Germany, and France that are expected to have the largest market size. Almost all vertical markets will be affected by the IoT, but some definitely more so than others. Manufacturing, for example, is predicted to have a 24 percent market share when comparing it to the other vertical markets. Finance came in second with a 21 percent market share. When taking different sectors into consideration, it is the transportation sector that is predicted to have the highest IoT contribution to the European Union's GDP by the year 2025. Transportation is predicted to have an impact of approximately 245 billion euros, closely followed by healthcare with around 235 billion euros.
The IoT can be made use of in different industries as well as by regular everyday consumers. Connected devices In the UK are on the rise. A total of 28 percent of consumers own a smart TV and another 26 percent a game console. When taking a look at a breakdown of fitness band, clip or smartwatch use by age in Spain in 2016, approximately a quarter of all consumers below the age of 50 are monitoring their fitness using one of these devices. In France, the overall use of such devices for fitness monitoring stood at 26 percent as of 2016. IoT is also becoming more and more common in various industries. In the electronics industry in Europe in 2015, around 252 million units were in use, and were predicted to rise to over 300 million by 2025. Not all industries are impacted as much as the electronics industry. In agriculture, for example, it was around seven million units in 2015, and is predicted to be at around 32 million by 2025.