Research firm IDC has revealed that the worldwide Internet of Things (IoT) market is expected to grow 19% in 2015, led by digital signage.
IDC said this is according to the second annual forecast, which 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.
According to the report, the IoT market in manufacturing operations will grow from $42.2bn in 2013 to $98.8bn in 2018, a five-year compound annual growth rate (CAGR) of 18.6%. The growth, IDC stated, will be driven by ongoing efforts to increase efficiency and link islands of automation.
Digital signage use in retail outlets will grow from $6.0bn in 2013 to $27.5bn in 2018, a 35.7% five-year CAGR, as retailers continue to digitise the consumer experience, the report said.
Bob Kraus, senior research analyst, Global Technology and Industry Research Organisation, IDC, said: “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. 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.”
