Revenues from the global IoT market are expected to reach approximately $ 1.1 billion by 2025, and the number of IoT connections in 2017–2025 will increase from 7 to 25 billion. Thus, as billions of devices, services and systems connect, thanks largely to increasingly ubiquitous and cheaper sensors that transform physical data into digital content, the market will continue to expand.
Companies more and more often see the benefits of using IoT solutions, i.e. savings on fuel, energy or labor costs, which translate into greater financial revenues and shorter return on investment.
According to last year’s “Future of IoT” report, prepared jointly by FICCI (Federation of Indian Chambers of Commerce & Industry) and Ernst & Young consulting company, the number of IoT devices connected to the network will increase to 25 billion with a cumulative annual growth rate (CAGR) of 17 %. The industries that are projected to spend the most on IoT solutions are manufacturing ($ 197 billion), consumer Internet of Things ($ 108 billion), transportation ($ 71 billion) and utilities ($ 61 billion). Spending on IoT among manufacturers will largely focus on solutions supporting industrial activities and the management of production assets.
You can read more about it in the “Future of IoT” report.