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Some interesting statistics have been gleaned on how the Internet of Things (IoT) will shape up in the near future. It is predicted to grow to a total of nearly two trillion US dollars by the year 2020. There will be a total of twenty five billion connected spots by the same year. Business analysis provided by IDC Worldwide reveals that more than 78 million wearable items were shipped in 2015 but that number will rise to more than two hundred million in three years’ time. In fact each person is expected to have around five connected devices by 2020 as per Frost and Sullivan. Even PwC reveals that a substantial proportion of people now use fitness bands, smart watches or smart clothing. Even four-fifths of retailers agree that IoT will significantly change the way business is conducted now. Authorities in Barcelona meanwhile feel that the city will save nearly a hundred million a year from IoT induced integrated water management and smart lighting in a year. Market research firm Gartner says that even the food and beverage industry will save 15% annually due to the connected kitchen plan. The connected health market will grow to more than a hundred billion US dollar by 2020. And McKinsey predicts that a total of 11 trillion US dollars could be generated a year through improvements in systems such as public transit and operations management using IoT.

Source: http://customerthink.com/16-stunning-statistics-that-forecast-the-future-of-the-internet-of-things/

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