Worldwide IoT market to increase by 19% in 2015

Rebecca Gibson
Rebecca Gibson
By Rebecca Gibson on 20 May 2015
Worldwide IoT market to increase by 19% in 2015

The worldwide internet of things (IoT) market is expected to grow 19% in 2015, led by digital signage, according to IDC’s annual forecast.

According to the report, the IoT market in the manufacturing industry is set to grow from US$42.2 billion in 2013 to US$98.8 billion in 2018. This five-year compound annual growth rate (CAGR) of 18.6% will be driven by ongoing efforts to increase efficiency and improve automation.

Meanwhile, as retailers continue to digitise the consumer experience, IDC expects investments in digital signage to increase from US$6.0 billion in 2013 to US$27.5 billion in 2018, a 35.7% five-year CAGR.

Connected vehicles are also expected to achieve a 34.8% year-over-year growth in the US in 2015.

“Working in concert with both IDC’s technology and regional analysts, we have built IoT market models for key vertical-specific use cases from the ground up,” said Bob Kraus, senior research analyst of Global Technology and Industry Research Organization at IDC. “This forecast is an invaluable tool for those business leaders evaluating the vendor opportunities in IoT for a 12-layer technology stack, which includes modules/sensors, software, installation/ongoing services, and connectivity.”

IDC’s annual forecast focuses on IoT use in 11 vertical industries – including consumer, retail, healthcare, government, manufacturing, transportation – and also covers IoT opportunities for 25 vertical-specific use cases. These included smart appliances, automated public transit, remote health monitoring, digital signage, connected vehicles, air traffic monitoring and more.

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