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The web is awash with commentary on the Internet of Things (IoT). Many believe the network will change the way businesses, governments, and consumers interact with the physical world, with some even suggesting that the IoT could aid the next Industrial Revolution.

The web is awash with commentary on the Internet of Things (IoT). Many believe the network will change the way businesses, governments, and consumers interact with the physical world, with some even suggesting that the IoT could aid the next Industrial Revolution. In a new report from Business Insider Intelligence, researchers discuss the many components of the IoT ecosystem, including devices, analytics, networks and security. The report also provides estimates and forecasts on the burgeoning IoT market, including device growth, investments and potential ROI.

For the purpose of the report, BI Intelligence tracked IoT growth for over two years – specifically analysing how the ecosystem enables entities (consumers, businesses, governments) to connect to and control their IoT devices in a number of different environments, including manufacturing, the home, transport and agriculture.

A number of key findings emerged from the research: 

  • In total, there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, whilst traditional computing devices (smartphones, tablets, smartwatches) will make up another 10 of the 24 billion.
  • Over £4.5 trillion will be spent on IoT solutions over the next five years.
  • Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their bottom line by 1) lowering operating costs, 2) increasing productivity and 3) expanding market reach and developing new product offerings.
  • Governments are focused on increasing productivity, decreasing costs, and improving quality of life. Governments are projected to be the second-largest adopters of IoT technology.
  • Consumers will lag behind businesses and governments in IoT adoption. They will still purchase a significant number of devices and invest a large amount of capital in IoT systems.

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