We all know that the Internet of things is a growing market, that’s a given. But how quickly is it growing? Where is this growth? And how much are we spending on IoT?
IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025. That’s not far short of a 500% increase in IoT devices being introduced and utilised over 10 years.
IoT set to exceed mobile
Internet of Things (IoT) sensors and devices are expected to exceed mobile phones as the largest category of connected devices in 2018, growing at a 23% compound annual growth rate (CAGR) from 2015 to 2021. The Ericsson mobility report forecast that there will be approximately 28 Billion connected devices globally by 2021, with 16 Billion related to IoT. These connected devices will range from sensors, smart home applications and data collection instruments.
With all this growth, it’s inevitable that we’re going to start see it developing in front of us. IoT is clearly something that can be implemented across a variety of industries, to varying levels.
The graphic below is just a snapshot of the rate in which IoT will be progressing within some of our key industries over the coming years.
Internet of Things forecast for spend
Worldwide spending on IoT-based products and services by businesses and enterprises is predicted to reach £96.5B in 2016, growing to £203.5B in 2021. IoT Technology Services spending is expected to reach £115 Billion in 2021, with Asia projected to grow at the highest rate and being responsible for 35% of overall IoT spend by 2021. Source: Zinnov Zones 2016
With the increase in volume where IoT is concerned, it’s inevitable that’s there’s going to be some questions asked about security. Yes, IoT opens up many possibilities for businesses of all sizes, but when not implemented correctly and securely, it can open up opportunities for those who seek to harm us.
By automated processes, especially data collection, we take security out of our own hands. It’s no longer our responsibility to guard and protect physical documents; instead the information is out there, being transferred and communicated digitally.
The dangers where IoT is concerned are real. This is why Worldwide spending on Internet of Things (IoT) security will reach £280.75M in 2016, a 23.7% increase from 2015 spending of £227M according to Gartner, Inc. Spending on IoT security is expected to reach £441 million in 2018.
Despite this, when reviewed and implemented correctly, the Internet of Things can be a game changer for many businesses and industries. If you’re looking for a fully secure, tailored M2M solution for your business, then InfiSIM can help.
Simply give us a call on 0333 313 5005, or request a quote here.