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The IoT market in 2020 and beyond

April 20, 2020

The IoT market in 2020 and beyond
In 2017, we made some predictions about IoT adoption and the market opportunities IoT offers our partners. We thought we’d look back on those predictions to see how accurate they were as well as make some future ones.
 
What we said then:
Citing Gartner, we predicted that by 2020, the total IoT market would reach over $1 trillion with about 26 billion devices connected to the Internet. We also forecasted that the greatest opportunities for IoT applications would be in those industries that leverage real-time location services in facility management—verticals such as transportation and logistics, retail, manufacturing, and government and SLED.

What we’re seeing now:
Our projections were pretty much on target. According to the latest statistics, global spending on the IoT should reach $1.29 trillion this year, with the number of IoT devices estimated to reach 31 billion by year-end.
 
Certainly the impact of IoT on business operations is widespread, in all of the industries we predicted in 2017 and others as well.
  • A recent report by Business Insider sees continued growth in IoT adoption in remote monitoring, asset tracking and smart facility management across a number of industries.
  • A study by McKinsey cites the rising number of game-changing IoT applications in sectors as diverse as smart cities, smart buildings, connected cars and healthcare.
In short, the opportunities moving forward seem to be everywhere, especially as IoT applications become easier to implement and integrate into existing infrastructure.
 
So, if you haven’t thought about building an IoT practice yet, maybe now’s the time.
 
For more information about Ingram Micro IoT and the solutions we offer, visit the Ingram Micro IoT Marketplace or reach out to the IoT experts at us.iot@ingrammicro.com or call (800) 456-8000, ext. 76251.