If sales of Amazon’s Echo and Google’s Home devices this holiday season have proven anything, it’s that 2017 was a tipping point for the internet of things (IoT). In fact, on Amazon.com, the Echo Dot was the No. 1 selling product over Black Friday weekend. With overall only holiday shopping at an all-time high, this means the market share for these IoT devices is growing exponentially.
Enterprise IoT adoption over the last year is equally astounding. Here are some of the top projections and data points that speak to the momentum of IoT.
- The global IoT aerospace and defense market is projected to reach $40,950 million by 2023, from its market value of $19.175 million in 2016. (Allied Market Research)
- The IoT telemedicine market is projected to reach $9.3 billion by 2023, up from a mere $1.2 billion in 2016. (Wintergreen Research Inc.)
- IoT network connections powered by Verizon grew by 84 percent between 2016 and 2017 in the manufacturing industry. (Verizon’s State of the Market: Internet of Things 2017 report)
- Spending on IoT is expected to grow by 16.7 percent in 2017 over 2016, reaching $800 billion. But by 2021, that number is projected to reach $1.4 trillion. (IDC)
- Intel’s IoT Group net revenue increased to $849 million in the third quarter of 2017, from $720 million in the second quarter of 2017. (Intel)
- IoT security spending will go from $113 billion in 2015 to $195 billion by 2019. (GSMA)
- By 2020, 75 percent of new cars will come with built-in IoT connectivity. (Business Insider)
- Gartner projects 31 percent growth in IoT devices between 2016 and 2017. (Gartner)
- By 2020, there will be 26 smart objects for every human being on Earth. (Intel)
- In 2018, there will be more IoT devices than mobile phones. (Ericsson)
- By 2018, 80 percent of all health care patient interaction will make use of IoT and big data. (IDC)