IoT is the next wave of the industrial revolution crucial to government, businesses, and consumers. Transforming all sectors including Automation, Education, Manufacturing, Agriculture, Automotive, Consumer Electronics, Energy and Utilities, Healthcare, Home Automation, Infrastructure, etc.
Some fact on IoT Global as stated below (Source: Internet):
- IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion devices in 2025.
- Global spending on IoT technology-based products and services by enterprises is predicted to reach $120 billion in 2016, growing to $253 billion in 2021, attaining a 16% CAGR.
- IoT Technology Services spending alone is expected to grow at 17% CAGR in the next five years to reach $143 billion in 2021.
- Industrial IoT will add $10 to $15 trillion to global GDP in the next 20 years.
- By 2020, the number of Internet-connected things will reach or even exceed 50 billion.
- By 2020, annual revenue could exceed $470 billion for the IoT vendors selling the hardware, software and comprehensive solutions.
- The IoT technology is estimated to have a total economic impact of up to $11 trillion by 2025.
- Machine-to-Machine (M2M) connections will grow from 5 billion at the beginning of this year to 27 billion by 2024.
- IoT could generate $4.6 trillion over the next ten years for the public sector, and $14.4 trillion for the private sector.
- Wearable tech market to be worth $34 Billion by 2020. Wearables shipments to reach 213.6 million units worldwide in 2020 with watches and wristbands driving volume.
- By 2020, a quarter of a billion vehicles will be connected to the Internet, giving a completely new possibility for in-vehicle services and automated driving.
As we can conclude from the above points that IoT is the next industrial revolution which will directly or indirectly affect all, irrespective of nature and size of business.