According to new research from International Data Corp. (IDC), the worldwide Internet of Things market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020 with a compound annual growth rate of 16.9 percent.
Source: June 2, 2015 press release, IDC.com
McKinsey Global Institute estimates a potential economic impact ranging from $3.9 trillion to $11.1 trillion per year in 2025 for IoT applications in nine settings:
- Home (chore automation and security), $200 billion-$350 billion
- Office (security and energy), $70 billion-$150 billion
- Factories (operations and equipment optimizations), $1.2 trillion-$3.7 trillion
- Retail environments (automated checkout), $410 billion-1.2 trillion
- Worksites (operations optimization, health and safety), $160 billion-$930 billion
- Human (health and fitness), $170 billion-$1.6 trillion
- Outside (logistics and navigation), $560 billion-$850 billion
- Cities (public health and transportation), $930 billion-$1.7 trillion
- Vehicles (autonomous vehicles and condition-based maintenance), $210 billion-$740 billion
Source: The Internet of Things” Mapping the Value Beyond the Hype, June 2015, mckinsey.com.
According to a new white paper published by AIG, there were 10-20 billion things connected to the Internet between 2003 and 2010; by 2020, this number is estimated to grow to 40-50 billion.
Source: “The Internet of Things: Evolution or Revolution at www.aig.com/iot; figures from Foreward Author Dr. Shawn DuBravac, Chief Economist at the Consumer Electronics Association.