Although there is a lot of hype around the Internet of Things (IoT), a significant market will grow in this area, of importance to most ‘industrial’ consumers and software providers.
Current IoT market size estimates
Estimates of the total market size are enormous and vary wildly. For example,
- IDC predicts global IoT revenue will reach $7,065B by 2020 (Source: IDC Market in a Minute: Internet of Things.)
- A.T. Kearney attributes $344B in revenues by 2020 to IoT hardware, software, and services (Source: Internet of Things 2020: A Glimpse into the Future)
These figures are both from reputable research companies, so the likelihood is that they are ‘measuring different things’. The IoT is so varied and complex that tight definitions are needed in order to measure and compare revenues. In short, we need to know ‘who pays whom for what?’
To estimate this in detail, we need to know:
- how the market works;
- the segmentation that the market participants recognise.
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