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IoT market to grow 19% in 2015, says IDC

Digital signage solutions to spur growth of global IoT segment

IoT market to grow 19% in 2015, says IDC
IDC says the IoT market in manufacturing operations will grow from $42.2bn in 2013 to $98.8bn in 2018.

Analyst and research house IDC has revealed that the global Internet of Things (IoT) market is expected to grow 19% in 2015, led by digital signage.

Referencing its second annual forecast, which focuses on growing IoT use in 11 vertical industries, including consumer, retail, healthcare, government, manufacturing, transportation, and other industries, IDC said it was also sizing IoT opportunities for 25 vertical-specific use cases.

According to the IDC report, the IoT market in manufacturing operations will grow from $42.2bn in 2013 to $98.8bn in 2018, a five-year compound annual growth rate (CAGR) of 18.6%. The growth, IDC stated, will be driven by ongoing efforts to increase efficiency and link islands of automation.

Digital signage use in retail outlets will grow from $6.0bn in 2013 to $27.5bn in 2018, a 35.7% five-year CAGR, as retailers continue to digitise the consumer experience, the IDC report said.

Bob Kraus, senior research analyst, Global Technology and Industry Research Organisation, IDC, said: "Working in concert with both IDC's technology and regional analysts, we have built IoT market models for key vertical-specific use cases from the ground up. This forecast is an invaluable tool for those business leaders evaluating the vendor opportunities in IoT for a 12-layer technology stack, which includes modules, sensors, software, installation, ongoing services and connectivity."

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