Feb 23, 2017
The Ever Increasing Impact of the IoT
In recent tech news, the Gartner IT research firm is predicting the IoT will continue to gain steam throughout 2017 and beyond. Gartner is forecasting a 31% increase in connected things over 2016, which translates into approximately 8.4 billion connected smart devices. When viewed by region, areas such as China, Western Europe and North America are leading the pack in the number of connected devices. By the end of 2017, Gartner predicts these combined regions will account for almost two-thirds of the overall installed IoT base, with total spending on endpoints and services reaching approximately $2 trillion.
When it comes to which market segment is making the most of the IoT, the consumer market still edges out the business segment. While consumers will provide an increase in the use of the IoT by way of smart TVs and digital set-top boxes, along with consumer devices in the automotive industry, businesses will still make up a third of the increase in 2017. In businesses, look for increasing use of the IoT in commercial security cameras, smart electric meters and devices for smart buildings, along with applications tailored to specific industry verticals such as healthcare and electrical generating plants.
Although consumers might buy more devices, businesses tend to spend more. In 2017, predictions are that consumers will spend about $725 billion on smart devices, while businesses will outpace that number with about $964 billion in IoT purchases. By the year 2020, Gartner is predicting the combined total of both consumer and business spending will reach almost $3 trillion in the IoT market.
What to know more about the IoT and how it will impact your organization in 2017 and beyond? Contact us.