WHAT THE FUTURE HOLDS
In the fast-paced Technology industry, where product innovation cycles are shortening while traditional market segments such as Mobile Devices and traditional PCs are slowing down due to market saturation, enterprises are speeding up their search for the ‘next big thing’. At the same time, we are expecting more and more from the so-called Internet of Things (IoT).
The IoT is the networked connection of physical objects that is opening up innovative prospects in the Technology industry. Here’s just one glimpse of what an IoT world could look like. Imagine your self-driving car asking you which dinner your fridge should order for you from the local grocery store! Still wondering why companies are attracted to invest in IoT? In short, the reasons are huge expected profits, cross-industry growth prospects, and the priceless chance to be an enterprise doing business ahead of its time.
The IoT market, characterized by a strongly innovative and fast-growing footprint, will expand at a 17.9% 2015-18 CAGR reaching USD 471bn in 2018, up +183bn from 2015. In 2015, the biggest share of revenue originated from business spending (55%); however, consumer spending is the fastest growing source of revenue for the IoT market, both in terms of growth rate and incremental growth.