Curated Content from Forbes.com and Networkworld.com
Photo Credit: Marius Masalar
NetBurner’s founders started twenty years ago as unassuming pioneers in the much later named Internet of Things (IoT). Our mission then and now was to make network-enabling hardware and devices a snap for industrial engineers and product designers.
In hindsight, one could call this earlier era in networking-enabling or IP-enabling widgets “IoT 1.0”. Now that IoT 2.0 is in full swing it’s exciting to look forward on where else this fantastic journey will go from a macroeconomic perspective. In this post, we’re featuring two articles that summarize the market drivers and economic forecasts as we move ever closer to a nearly inevitable IoT 3.0. We think it is an important read for our forward-thinking community.
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- The key takeaways that we think you will find as well are:
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- IoT is here to stay.
- Global IoT market continues to grow at significant rates (Compound Annual Growth Rate of 28.5% 2016 to 2020). This should mean that there are plenty of opportunities all along the value chain.
- Smart Cities, Industrial IoT and Connected Health lead in growth, while automobiles, smart utilities, smart homes, and wearables, other subsectors have a smaller but still significant growth potential.
- Global IoT spending will exceed $1 Trillion by 2020.
- Manufacturing leads the pack in IoT spending, covering a variety applications towards supply chain management, inventory, asset tracking, and safety.
- A majority of companies plan to increase their IoT spending by approximately 10% – 30% over the next three years.
- IoT hardware, services, software, and connectivity are all important market sectors that contribute to overall growth.
Important links and references
Dig deeper and check out these referenced articles: