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IoT Market Growing Rapidly to Approximately $13 Trillion by 2025
October 22, 2019 | Business WireEstimated reading time: 1 minute
The internet of things (IoT) is anticipated to have a $7.5 trillion global economic impact in 2020, growing rapidly to approximately $13 trillion by 2025.
The economic impact of the IoT market will be in the form of increased global corporate profits, which are estimated to be in the range of a 20% incremental improvement by 2025. These impacts may be viewed as five categories, which are: utilization, employee productivity, supply chain and logistics, customer/citizen experience, and innovation revenue.
Collectively speaking, the aforementioned areas represent the perceived value of the IoT in terms of generated goods and services, the value of work opportunity in IoT domain, and value of cost reduction from manufacturing processes, other industrial areas, as well as enterprise automation. The cumulative direct and indirect IoT economic impact will be equivalent to 5% of the entire global economy by 2025. Much of this impact will be due to solving problems in a much more efficient manner, such as improved asset tracking, control, and overall management. Significant longer-term benefits will rise from completely new products and services as well as new lifecycle support models.
This report evaluates the technologies, players, and solutions involved in realizing IoT applications and services. It includes forecasts for all major areas from 2019 through 2024. The report includes analysis by network connectivity, infrastructure (platforms, hardware, software, and related services), devices, and the things that IoT is intended to support. This includes embedded IoT with analysis of IoT within the semiconductor arena such as chipsets.
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