View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Hardware
November 10, 2015

IoT surge to switch on 6.4bn devices by 2016

News: Over $1trn set to be spent in smart hardware.

By Joao Lima

Throughout the 366 days of 2016, 5.5 million devices will be connected to the internet on a daily basis.

Analysts predict that next year a total of 6,392 million devices will become IoT enabled, an increase of 30% when compared to 2015 (4,902 million).

In the next five years this number will more than double, as by 2020 Gartner forecasts 20,797 million online IoT devices.

Consumer based devices are set to dominate the IoT landscape, accounting for 4,024 million devices next year, and 13,509 million by 2020, compared to business products which will account for 2,368 million and 7,288 million, respectively.

The analyst firm estimates that the IoT will support total services spending of $235 billion in 2016, up 22% from 2015.

Connectivity services, through communications service providers, and consumer services have been estimated to grow at a faster pace than the professional category.

The firm said that contracts between businesses and external providers in order to design, install and operate IoT systems will dominate the smart services landscape.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

IoT hardware spending will amount to $1,414 billion in 2016, up from $1,183 billion this year. By 2020, Gartner predicts this sum to reach $3,010 billion.

The vertical-specific business space will invest the most in IoT hardware next year totalling $667 billion (2015: $612bn; 2020: $911bn).

This will be followed by the consumer sector at $546 billion (2015: $416bn; 2020: $1,534bn), and by the cross-industry business space at $201 billion (2015: $155bn; 2020: $566bn).

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.