Analysts Forecast Global IoT Market Will Grow in 2015

Just how far and how wide will the Internet of Things (IoT) spread? Technology market researchers are predicting it will spread rapidly. Market research firm IDC, for example, predicts IoT will grow 19 percent in 2015, led by digital signage.

IDCEUs second annual forecast focuses on the growing IoT use in 11 vertical industries, including consumer, retail, healthcare, government, manufacturing, transportation, and other industries, while also sizing IoT opportunities for 25 vertical-specific use cases.

IoT is an evolution of the Internet as we know it today. It networks together everyday objects and allows them to send and receive data. Refrigerators, cars, security systems, phones and other devices will carry unique identifiers that pave the way for seamless communication without human intervention.

Numbers Galore

In other key findings from the new forecast, IDC predicts the overall IoT market in manufacturing operations will grow from $42.2 billion in 2013 to $98.8 billion in 2018. ThatEUs a five-year compound annual growth rate (CAGR) of 18.6 percent.

Generally speaking, IDC pins IoT growth on ongoing efforts to increase efficiency and link islands of automation. The hottest U.S. market is in connected vehicles, with 34.8 percent year-over-year growth anticipated in 2015, IDC said.

IDC is not the only market research firm betting IoT will get bigger than big. Berg Insight is also offering stats, drilling down to the actual platform level.

Berg predicts total IoT platform revenues will grow at a CAGR of 32.2 percent from about $500 million in 2014 to about $2.6 billion in 2020. This will happen as the world of machine-to-machine (M2M) communication moves from vertical single purpose solutions to multi-purpose and collaborative applications that interact across industry verticals, organizations and people -- a world of Internet of Things, according to Berg.

Gaining Insights from Analytics

EUM2M often involves highly customized solutions deployed within single industry verticals or companies...

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