Acceleration in the business of the Internet of Things (IoT) will lead to global IoT revenues to reach US $756.8 billion in 2014, according to a new report by business information portal Visiongain.
The 187-page report based on a fresh assessement of the IoT market was released late last week by the London, UK-based Visiongain. The latter is an info agency that covers a wide range of sectors in its market and industry-centred reports, using a broad mix of both primary and secondary information to produce an overall industry outlook.
The IoT represents a connected ecosystem with the potential of having an “ever increasing” number of connected devices globally working within in. Coupled with the proliferation of electronic devices that already exist in businesses, homes consumers, all of which can be transformed via the use of IoT technologies, and the stage is set for IoT to become ubiquitous, claims the new report.
The IoT market has already gained momentum with increasing adoption, offering a wide variety of uses and portfolio of applications, which is expanding sizeably. The main attraction offered by the Internet of Things is its potential to change strategy and a plethora of a new products and service possibilities, says the report.
Visiongain provides forecasts for the period 2014-2024 in terms of value (US$) for the global IoT market, as well as for vertical submarket forecasts from Consumer Electronics, Automotive/Transport, Healthcare, Utilities, and M2M. In addition, five regional markets are forecast and analysed by visiongain over the period 2014-2024. The report also provides profiles of 28 leading vendors operating within the market and key developments in the vendor landscape.
In its report, Visiongain says it believes that 2014 will be a pivotal year and one of significant growth for the Internet of Things as companies address increasing demands from both consumers and enterprises for full-time connectivity and the government initiatives that support greater mobile connectivity.
Image Credit: Visiongain
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