The global Internet of Things market shows no signs of decreasing anytime soon, with Machina Research expecting the global IoT market to generate a massive $3 trillion in revenue by 2025.
In addition to revenue, the market intelligence firm’s IoT report expects the market to establish a growth of 27 billion devices within 10 years, with IoT connections growing from six billion in 2015 to 27 billion in 2025. This therefore, represents a sizeable 16% CAGR of global IoT connections.
As of today, 71% of all IoT connections are connected using a short range technology, however, by 2025 this will have grown slightly to 72%. The big short-range applications which are causing it to be the most dominant technology category are, consumer electronics, building security, and building automation.
Further findings from the report suggest that cellular connections will grow from the current 334 million at the end of 2015 to 2.2 billion by 2025, of which the majority will be LTE. Overall 45% of the cellular connections will be in the ‘connected car’ sector, including both factory-fit embedded connections and aftermarket devices. Also, 11% of the connections in 2025 will use Low Power Wide Area (LPWA) connections such as Sigfox, LoRa, and LTE-NB1.