The worldwide Internet of Things (IoT) market is expected to grow 19 per cent in 2015, led by digital signage, according to a new forecast from International Data Corporation (IDC).
The second annual forecast focuses on growing IoT use in 11 vertical industries, including consumer, retail, healthcare, government, manufacturing, transportation, and other industries, while also sizing IoT opportunities for 25 vertical-specific use cases.
Unlike any other research in the industry, the new forecast specifically highlights worldwide spending across IoT use cases, including smart appliances, automated public transit, remote health monitoring, digital signage, connected vehicles, and air traffic monitoring, among others.
The comprehensive spending model was designed to help vendors clearly understand the industry-specific opportunity for IoT technologies today.
“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,” says Bob Kraus, Senior Research Analyst, Global Technology and Industry Research Organisation, 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.”
Other key findings from the new forecast reveal that the IoT market in manufacturing operations will grow from $US42.2 billion in 2013 to $US98.8 billion in 2018, a five-year compound annual growth rate (CAGR) of 18.6 per cent.
According to Kraus, growth will be driven by ongoing efforts to increase efficiency and link islands of automation.
In addition, digital signage use in retail outlets will grow from $US6 billion in 2013 to $US27.5 billion in 2018, a 35.7 per cent five-year CAGR, as retailers continue to digitise the consumer experience.