he Internet of Things (IoT) has been called the next Industrial Revolution — it will change the way all businesses, governments, and consumers interact with the physical world.
For more than two years, BI Intelligence has closely tracked the growth of the IoT. Specifically, we’ve analyzed how the IoT ecosystem enables entities (i.e. consumers, businesses, and governments) to connect to, and control, their IoT devices in 16 environments, including manufacturing, the connected home, transportation, and agriculture.
In a new report from BI Intelligence, we discuss all of the components of the IoT ecosystem, including its devices, analytics, networks, and security. We also provide estimates and forecasts on the burgeoning IoT market, including device growth, amount invested, and potential return on investment.
Here are some key points from the report:
1. In total, we project there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion.
2. Nearly $6 trillion will be spent on IoT solutions over the next five years.