Fast Facts: IoT Market Value Nearing $1 Trillion
In the fast-paced IT industry, new statistics and data are released daily. Each Friday, Enterprise Mobility Exchange will publish Fast Facts, taking a look at interesting or noteworthy information impacting businesses.
The amoebic, amorphous vertical now known as Internet of Things, or IoT, is beginning to take solid shape, and essentially includes anything on the planet that can be virtually connected to something else. It’s the volume of connections and devices that’s driving an unparalleled growth, as a new forecast shows a 321% increase in IoT market value between 2016 and 2021.
IoT’s market is defined by software solutions, platform, service, application domain, and region. That market capped 2016 with a value of $157.05 billion, and is expected to have a CAGR of 33.3%, reaching a jaw-dropping $661.74 billion threshold in just five years.
What’s behind the growth?
- Development of cheaper and smarter sensors
- Growth of high speed networks
- Rising adoption of cloud platforms
- Software solutions will dominate the market’s growth factors
- North America has biggest share of market, while APAC will see highest CAGR
What do you think? Is the IoT market really going to see more than a 300% increase in value in just five years? Furthermore, will this be IoT’s biggest growth period, or just the beginning?
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