Prognostication is always a tricky business, and market forecasting can
be right up there with palm reading for accuracy. One interesting
feature is that most of the recent IoT predictors seem to be playing a
game of one-upsmanship with each other. In the most recent of these
moves, MarketsandMarkets has published a report called “Internet of
Things Market & M2M Communication by Technologies, Platforms and
Services - Global Market Forecasts – 2019” that has forecast the IoT and
M2M communication market to grow from $255.87 Billion in 2014 to
$947.29 Billion in 2019, at an estimated CAGR of almost 30 percent to
get to that nearly $1 trillion figure.
The report defined and segmented the IoT and M2M market into
sub-segments by technology and platform, M2M connection and modules, IoT
components, applications, and regions. It contains analysis and
forecasting of revenues, based upon drivers and restraints of the market
with insights on trends, opportunities, and challenges.
Although the prediction, like most of them, is likely to be heavily
optimistic, the report is accurate in its position that the IoT and M2M
communications are changing the way that the world thinks about the
interconnectivity between objects and devices. The report assumes that
by 2020, interconnectivity among devices will be at 31 billion, and by
2022 there will be an increase in the use of connected devices in the
family to 50 devices.
There has been a tremendous adoption rate of IoT and M2M in
manufacturing, utilities, supply chain, retail, healthcare, residential
and commercial buildings, and transportation. According to the report,
the major IoT and M2M solution vendors have shifted their focus to the
emerging markets which are growing at a rapid speed.
It’s still a bit early to reasonably expect the industry to triple in
size in just the next three and a half years. That being said, it’s a
very exciting time, and it seems likely that a doubling is not out of
the question.
To get a realistic idea of how the market can grow and how you can anticipate that growth, register for the IoT Evolution Expo at Caesars Palace in Las Vegas, August 17 to 20.
Ref: http://www.iotevolutionworld.com/
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