With an addressable market that includes more than 150 million cars that are not currently connected, over 300 million utility meters, nearly one million vineyard acres and 45 million people sharing goods and services in the United States alone, the Internet of Things (IoT) is now mainstream according to Verizon.
The “State of the Market: Internet of Things 2016 report, authored by Oxford Economics, suggests the worldwide Internet of Things market will grow from $591.7 billion in 2014 to $1.3 trillion in 2019 with a compound annual growth rate of 17 percent.
The installed base of IoT endpoints will grow from 9.7 billion in 2014 to more than 25.6 billion in 2019, hitting 30 billion in 2020, the report suggests.
In 2015, enterprise IoT startup companies outpaced funding for consumer startup companies by 75 percent.
Verizon’s experts say that enterprise IoT startup companies will raise two to three more times in capital in 2016 compared to their consumer IoT counterparts.