Internet of Everything, Personal Worlds Creating New Markets: Gartner
Gartner predicts the total economic value add for the Internet of things will be $1.9 trillion in 2020, seen across a number of industries.While IT spending in Europe, the Middle East and Africa (EMEA) will show an average annual growth rate of 2.2 percent through 2017, the Internet of things will create new markets and a new economy, according to a report from IT research firm Gartner. The Internet of things encompasses hardware, embedded software, connectivity and communications services, and information services associated with the hardware, including services based on analysis of usage patterns and sensor data. In 2009, there were 2.5 billion connected devices and most of these were mobile phones, PCs and tablets, but in 2020, there will be more than 30 billion devices connected, of far greater variety, the report noted. "The traditional IT market is not going to grow at a faster rate any time soon, if ever. Increased growth will come from the non-traditional IT market," Peter Sondergaard, senior vice president at Gartner and global head of research, said in a statement. "While in 2015 the combined IT and telecom market will hit nearly $4 trillion, the incremental revenue generated by the Internet of things’ suppliers is estimated to reach $309 billion per year by 2020. The Internet of things is a strategically important market. It will accelerate fast and will drive both revenue and cost efficiencies."
Gartner predicts that the total economic value add for the Internet of things will be $1.9 trillion in 2020, seen across a number of industries. The verticals that are leading its adoption are manufacturing (15 percent), health care (15 percent) and insurance (11 percent).