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The Internet of Things (IoT) will attract global investments of up to USD 15 trillion between 2017 and 2025, as data shows companies are accelerating their investment plans in this sector, according to a report by Business Insider Intelligence.

IoT transforms how companies and consumers go about their days around the world. The technology that underlies the segment is evolving quickly, from the rapid rise of voice assistants like Amazon Echo to the growth of AI-powered analytics platforms for the enterprise market.

The report by BI Intelligence, done by surveying over 400 key executives from around the world, projects that there will be more than 55 billion IoT devices by 2025, up from about 9 billion in 2017.

In February, market research company IDC estimated that investments in IoT will reach USD 772.5 billion in 2018, a 15 percent growth from the USD 674 billion invested in 2017.

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