IoT has made solid progress over the last few years but remains very much in the nascent stage in terms of deployments, spend and share of the IT budget in global businesses. Estimates that put the IoT market value at $10T or more have a credibility problem. Can IoT really be bigger than the entire IT industry? Can IoT really be bigger than the Health Care sector which accounts for 10% of global GDP? The economic value potential of IoT is indeed huge but the opportunity for suppliers of products, and services is likely to be measured in US$ Billions not US$ Trillions.

This report provides our updated forecast of the global IoT market spend by vertical market through 2025.  Across the 2016-2025 forecast period, the revenue mix by category will see both Connectivity and Services revenues grow their share of total IoT revenues at the expense of hardware revenues.

By 2025, Security will be the leading vertical accounting for 20% of global IoT revenues, with Primary Processing second at 16% followed by Automotive.