Forecasts of internet of things spending have been all over the place, but most suggest incremental connectivity revenue directly attributable to IoT will be fairly slight. At present, IoT likely represents one percent to two percent of service provider revenues, best case.
Some forecasts suggest global IoT spending, across the whole ecosystem, will only reach $745 billion in 2019, up from the $646 billion spent in 2018, according to a new update from IDC. The research agency expects global IoT spend to gallop at double-digit annual growth until 2022, when it crosses the US$1 trillion mark.
Other forecasts are about in that range as well.Bain & Co predicts that by 2020, the global market for IoT (including devices, software, hardware and services) will exceed US$470 billion. Industrial giant General Electric Corp has the biggest number so far. It says investments in the Industrial Internet of Things (IIoT) will reach US$60 trillion in the next 15 years.
And connectivity revenues are a fraction of total ecosystem revenue.