Gartner forecasted that IoT will witness a growth of 31 percent this year as compared to last year and nearly 8.4 billion connected things will be in use worldwide leading to a total spend on endpoints and services close to $2 trillion.
The consumer segment is the largest user of connected things with 5.2 billion units in 2017, which represents 63 percent of the overall number of applications in use. Businesses are on pace to employ 3.1 billion connected things in 2017.
“Aside from automotive systems, the applications that will be most in use by consumers will be smart TVs and digital set-top boxes, while smart electric meters and commercial security cameras will be most in use by businesses,” said Peter Middleton, research director at Gartner.
Gartner also predicts that 2018 onwards, cross-industry devices, such as those targeted at smart buildings (including LED lighting, HVAC and physical security systems) will take the lead as connectivity is driven into higher-volume, lower cost devices. In 2020, cross-industry devices will reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units and by the same time, the spending will reach almost $3 trillion.