Global Internet of Things Market to Reach $2 Trillion in Five Years

Strategic Insights -

The Internet of Things (IoT) market is expected to generate over $2 trillion in economic benefits in the next five years, driven by the growing adoption of connected devices and technologies. According to a recent report from Research and Markets, the IoT market is forecast to grow rapidly, with an estimated 30 billion connected devices expected to be in use in the near future. This growth is driven by the increasing popularity of smart homes, wearable devices, and the growing need for data-driven decision making.

Key Takeaways:

  • The IoT market is expected to generate over $2 trillion in economic benefits in the next five years.
  • The number of connected devices is expected to reach 30 billion in the near future.
  • The average smart home may possess 50 to 100 connected appliances, lights, thermostats, and other devices.
  • The IoT market is driven by the growing adoption of connected devices and technologies.
  • Companies such as Alcatel-Lucent, AT&T, Cisco Systems, Huawei Technologies, NXP Semiconductors, International Business Machine Corporation (IBM), Google, Intel Corporation, Qualcomm Incorporated, and Gemalto are profiled in the report.
  • The report forecasts market growth and trends via applications, technologies, and geographies from 2014 to 2021.
  • The IoT market is expected to have a significant impact on various industries, including healthcare, energy, oil, and gas.

Statistics:

  • Estimated economic benefits of the IoT market: $2 trillion (next five years)
  • Number of connected devices expected to reach: 30 billion (near future)
  • Average number of connected devices in a smart home: 50 to 100
  • Number of companies profiled in the report: 10
  • Forecasted market growth period: 2014-2021

Sources:

  • Research and Markets, "Global Internet Of Things Market By Applications & Technologies 2015 - Forecasts to 2021"
  • M2 PressWIRE, "Global Internet Of Things Market By Applications & Technologies 2015 - Forecasts to 2021"
  • M2 Communications, "M2 PressWIRE" press release, May 13, 2015