Internet of Things market to jump from $150 billion to $550 billion
"In the history of technology market analysis, this is the first time people have been talking about a market in the extraordinary terms of 'trillions of dollars' with such a lack of clarity on market definition," said Harvey Cohen, president of Strategy Analytics.
"Our research examined IoT market potential in terms of its relationships to global economies, non-residential investment, and total IT expenditures to produce a number with transparency on key assumptions."
In the IoT report "IoT Projected to be the First $10T IT Market – Really?" Strategy Analytics examines the evolution of the M2M market as it is evolving to the IoT opportunity.
"With the entire global IT opportunity value in the $3.5T range in 2016, it requires heroic assumptions to produce IoT market sizing in the trillions of dollars range," said Andrew Brown, Executive Director of IoT strategies. "We project IoT to grow to be about 11% of total IT spending by 2025".
Further work on the Buyer Journey to IoT Adoption is being conducted by Strategy Analytics in key vertical markets to assess if corporate IT spending may be increasing due to the benefits of IoT or whether IoT is substituting for other IT applications with a lower priority. ■