This Week in IoT: IoT Market to Hit $3 Trillion in 2025, Plus Mid-Year IoT Review
Take a look at the stories on any technology news site and you’ll see plenty of anecdotal evidence that the Internet of Things (IoT) market is growing. This week, there are several new quantitative data points that show just how much the IoT market is taking off. Learn more about this and other stories that turned our heads this week:
Growth of the IoT Across the Globe
As reported by InformationWeek, Machina Research has released their annual report on the global growth of the IoT, and the numbers are staggering. For one, they are predicting that the IoT market could grow to $3 trillion by the year 2025. Also, the number of IoT connections will grow to 27 billion in 2025, up from 6 billion in 2015.
Part of what’s fueling that growth is the Canadian IoT market. In this piece from readwrite, a new IDC report found that “45% of mid- to large-sized companies in the country had incorporated at least one IoT system.” This figure is very close to the 51% adoption rate seen in the US.
Also significant is that, as the article points out, the technology adoption rate for Canada generally lags the US by 1-2 years but that lag is not seen with IoT technology adoption.
Wall Street is also chiming in on IoT growth. A report from CNBC looks at Morgan Stanley’s survey of 100 design engineers where they found 90% of respondents are adding IoT connectivity into their product designs. The firm told investors that they think the IoT trend will accelerate in the coming year.
Federal IoT Spending Hits Nearly $9 Billion in 2015
That’s not to say that 2015 was a bad year for the IoT. In fact, the federal government’s spending on IoT reached $8.8 billion last year. As reported by InformationWeek, that figure represents a 20% year-over-year increase in IoT spending. The top IoT expenditures were software apps ($2.5 billion), endpoint defenses ($2 billion), and sensors/data collectors ($1.57 billion).
A Mid-Year Review from IDC, Others
Forbes recently published a mid-year IoT review from IDC and other industry analyst firms. In it, the analyst firm shared current analysis and future predictions for the market, such as: $230 billion will be invested in IoT in 2016.
Also of note, “China and the US will be neck-and-neck for dominance of the global market by 2025.” We take a look at China in our recent post State of the IoT: Is China the Place to Watch?
PTC Joins IoT M2M Council
PTC, parent company to ThingWorx, has joined the IoT M2M Council (IMC), the largest and fastest-growing trade group dedicated to the global IoT/M2M sector. In the announcement, John Schaefer, PTC’s SVP of Development, said, “We see the membership as an opportunity to educate enterprises and OEMs about what connectivity can do for their business. Our ThingWorx platform is designed to make it easier than ever before to deploy connected devices remotely and to collect meaningful data from them. IMC Adopter Members list software platforms as one of their highest priorities, so our membership a natural extension of that education effort.”