Business Insider released a report on the future of the Internet of Things (IoT) market that focused on three main IoT sectors: enterprise, home, and government.
Enterprise will be the top investor in this growing technology, including industries like manufacturing, transportation, utilities, and construction.
According to the report, manufacturing is expected to be at the top of industry investments, due to the strong support of our previous assertions that such large industries will fuel major growth in the Internet of Things. In fact, manufacturers are expected to spend an estimated $140 billion over the next five years.
Moreover, there are expected to be an estimated 23.3 billion IoT devices in use by 2019, with 9.1 billion – or 40% – being used in the enterprise industry.
To put that into perspective, the IoT market is slated to outgrow both the smartphone and tablet markets combined!
And to break it down further, the report suggests that the IoT software will be more lucrative than the hardware for providers. This may be because one of the main concerns for this market is vulnerability to cyber attacks. So as you might’ve guessed, any providers who can protect against such invasions will be extremely profitable once the Internet of Things expands towards its full potential.
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