Internet of Things Market to See 22% Annual Growth Through 2023

WELLESLEY, Mass., May 22, 2019 (Newswire.com) - New start-ups and expanding applications are helping to drive growth of the global Internet of Things market, according to a report by BCC Research.

The market expects to see a compound annual growth rate (CAGR) of 22% through 2024, when it could be worth $141.2 billion, according to the report Internet of Things (IoT) Markets: A Global Outlook.

Major players in the market include Broadcom, Intel, Qualcomm, Amazon and Microsoft.

Research Highlights

• Energy and utilities lead the end-users market by size, with a 2018 value of $26.3 billion, followed by retail at $21.7 billion and manufacturing at $4.4 billion.
• Sensor growth will be led by motion sensors, with a CAGR through 2023 of 30.2%, followed by pressure sensors at 29.4% and light sensors at 28%.
• The retail market expects a CAGR through 2023 of 18.0% and a value of $49.5 billion.

“The IoT market has evolved in a meandering fashion,” the report’s authors note. “The concept of a network of smart devices was discussed as early as 1982, with a modified Coke machine at Carnegie Mellon University becoming the first internet-connected appliance. Through the 1990s, a series of papers were published in various academic journals. The concept of the Internet of Things first became popular in 1999, through the Auto-ID Center at the Massachusetts Institute of Technology (MIT) and related market-analysis publications.”

IoT in Transportation: Exciting Potential Applications

Connected cars and highways promise to change the way the transportation industry works, the report’s authors add. IoT in vehicles can automatically notify authorities of accidents, update drivers about safety alerts, and integrate engine diagnostics with the infotainment system. Already, Google has launched the Open Automotive Alliance, and Android auto is available in most new vehicles. Android Auto gives drivers control over GPS mapping and navigation, music playback, texting, and web searches.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at [email protected].

Source: BCC Research