The most popular and comprehensive Open Source ECM platform
Let us know more
Internet of Things (IoT): Market To Be Dominated by Business Applications
The Internet of Things (IoT) will generate more than 20 trillion gigabytes of data by 2025 according to a study by Seagate Technology.
IoT is currently a $780 billion market that is growing rapidly. It’s expected to grow to as large as $1.68 trillion by 2020. And the total potential economic impact of the technology could reach to as much as $3.9 to $11.1 trillion by 2025 based on a study by McKinsey.
IDC predicts that by 2018 90 percent of IoT spending will be by businesses, and in terms of the number of installed devices, the enterprise share will be 70 percent compared to 30 percent in the consumer market.
The Seagate study estimates that 40 billion devices will be on the Internet in 2025. About two-thirds of the connections will be machine-to-machine devices, about one-quarter are smartphones, and 5 percent tablets. Only 1 percent of the connections will be from laptop PCs.
IDC estimates that this year 4800 connected end points are being added to the internet every minute. By 2020 that will increase to 7900.
Among industrial sectors that are adopting technology, the automotive sector is the one where IoT is growing the most quickly. The number of automotive IoT devices is expected to increase from 200 million in 2014 to 3.5 billion by 2021.
