10 Charts That Will Challenge Your Perspective Of IoT's Growth
- By 2020, Discrete Manufacturing, Transportation & Logistics and Utilities industries are projected to spend $40B each on IoT platforms, systems, and services.
- McKinsey predicts the IoT market will be worth $581B for ICT-based spend alone by 2020, growing at a Compound Annual Growth Rate (CAGR) between 7 and 15%.
- Industrial products lead all industries in IoT adoption at 45% with an additional 22% planning to adopt IoT in the next 12 months according to a recent Forrester survey.
- The Industrial Internet of Things (IIoT) market is predicted to reach $123B in 2021, attaining a CAGR of 7.3% through 2020.
- Harley Davidson reduced its build-to-order cycle by a factor of 36 and grew overall profitability by 3% to 4% by shifting production to a fully IoT-enabled plant according to Capgemini.