The worldwide Internet of Things (IoT) market is expected to grow 19% this year, led by digital signage applications, according to a new forecast from International Data Corp. (IDC).
The firm’s second annual forecast focuses on the growing use of IoT in 11 industries, including consumer goods, retail, healthcare, government, manufacturing and transportation. The new forecast highlights worldwide spending across IoT use cases, including smart appliances, automated public transit, remote health monitoring, digital signage, connected vehicles and air traffic monitoring.
The IoT market in manufacturing operations will grow from $42.2 billion in 2013 to $98.8 billion in 2018, a five-year compound annual growth rate (CAGR) of 19%. Growth will be driven by ongoing efforts to increase efficiency and link “islands of automation.”
Digital signage use in retail outlets will grow from $6 billion in 2013 to $27.5 billion in 2018, a 36% five-year CAGR, as retailers continue to digitize the consumer experience. The hottest U.S. market in IoT is in connected vehicles, with 35% year-over-year growth anticipated in 2015.
IDC says a forecast update is planned for November 2015 and will evaluate additional vertical-specific use cases, including smart agriculture.
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