The IoT and the pillars that support it are the most researched business technology markets today. Adding fuel to the IoT marketplace is the ongoing migration to Cloud Services and computing at the edge. And with the emergence of IoT platforms and more comprehensive APIs, real world IoT applications are proliferating as well. The following research reports prove this out. A few quick data points:
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services.
- McKinsey predicts the IoT market will be worth $581B for ICT-based spend alone by 2020, growing at a Compound Annual Growth Rate (CAGR) between 7 and 15%.