Everyone knows the Internet of Things is big and getting bigger. Are there specific industry numbers that I can use to help structure my business plan for 2017 and beyond?
As 2016 wraps up and companies get ready for 2017, there are good industry resources for the kind of information that you are looking for. Among others, Forbes recently published a round-up of IoT predictions and forecasts that can help you shape your business planning.
Key predictions for the IoT include:
- IDC stated that by 2017, 60% of global manufacturers will use analytics to sense and analyze data from connected products and manufacturing and optimize increasingly complex portfolios of products. Source: IDC, IoT, and Digital Transformation: A Tale of Four Industries.
- Parks Associates reported that data from connected devices create an unprecedented opportunity to optimize product performance and develop new revenue streams from value-added services, data-driven business models, cross-promotional partnerships, and targeted offers for related products. Source: Parks Associates, Leading With Data: Unlocking the Value of Connected Products.
- Smart devices and sensors will proliferate, surpassing mobile phones as the largest category of connected devices, with a total of approximately 28B connected devices worldwide by 2021, with nearly 16B related to IoT. Source: Ericsson Mobility Report; June 2016.
- IHS forecasts that the 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 in 2025. Source:IoT platforms: enabling the Internet of Things.
- The number of B2B IoT connections will increase to 5.4 billion by 2020, according to Verizon, attaining a 28% CAGR from the forecast base year of 2014. Enterprises will lead all sectors with the number of installed IoT devices. Source: Spark Labs Global Ventures’ Internet of Things & Hardware Industry Report 2016.
- Increased revenue (33.1%), increased customer satisfaction (22.1%) and increased product quality (11%) are the top three benefits of data from the IoT. Source: Industrial Analytics Report 2016/17 report.
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