One gets asked, from time to time, where the internet of things “picks and shovels” (underlying technologies) can be found. As this chart by Frost and Sullivan analysts might suggest, the platform picks and shovels cover most of the current mix of computing and communications firms. That wide diversity also partly explains why estimates of IoT sales vary so widely.
According to IDC, worldwide spending on the Internet of Things reached $772.5 billion in 2018, up 15 percent from the $674 billion that was spent on IoT in 2017. By other estimates, IoT spending on IoT endpoints alone already is in the $2 trillion range.
For the moment, consider only enterprise IoT.
According to IDC, by the end of 2020, close to half of new IoT applications built by enterprises “will leverage an IoT platform that offers outcome-focused functionality based on comprehensive analytics capabilities.”
The global IoT market will grow to $457 billion by 2020, at a compound annual growth rate of 28.5 percent, by some estimates, but is quite a bit larger if consumer wearables are included. In that case, current IoT spending exceeds $3 trillion, reaching $9 trillion by perhaps 2020.
Looking only at enterprise markets, and excluding consumer IoT, might reach $6.7 trillion in 2020, if those projections are close to reality.
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