International Data Corporation (IDC) – a global provider of market intelligence and advisory services – recently published the “Worldwide Internet of Things Forecast 2015-2020”, offering insights into the current market status and future opportunities of the Internet of Things (IoT).
The IoT is continuing to grow momentum as vendors and enterprises begin to embrace the opportunities it presents. IDC has defined IoT throughout the research as a network of networks of uniquely identifiable endpoints (or “things”) that communicate without human interaction using IP connectivity.
The key findings from the study include the following:
- The worldwide IoT market was worth $655.8 billion in 2014
- By 2020, spending in the worldwide IoT market will reach $1.7 trillion (CAGR of 16.9%)
- Devices, connectivity, and IT services will make up the majority of the IoT market in 2020.
According to the research, devices, connectivity and IT services will account for two-thirds of the worldwide market for the IoT in 2020. Devices, such as modules and sensors, will make up the largest proportion of this market with a predicted market share of 31.8%.
Vernon Turner, Senior Vice President of Enterprise Systems and Research Fellow at IDC commented on the study’s findings; “Wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets.”
Turner additionally stated that “the ripple effect of IoT is driving traditional business models from IT-enabled business processes to IT-enabled services and finally to IT-enabled products, which is beginning to disrupt the IT status quo.”
As a greater number of organisations across all industries capitalise on the use of IoT technology in a wide range of applications, the need for flexible, scalable connectivity grows – for which cellular networking solutions are the answer.
The widespread availability of 4G LTE means cellular communications are able to support advanced IoT applications, enabling endpoints (or “things”) to remain connected, anywhere, anytime.
Westbase Technology is a leading provider of cloud-managed mobile networking solutions across the UK and Europe. We work with our partners to deliver a range of innovative product and services, enabling enterprises to rapidly deploy flexible, scalable wireless communications that suit their IoT applications.