Wonder

Research Outline

Prepared for eyal | Delivered August 3, 2019

IoT industry

Goals

To find out accurate and up to date information on the number of companies that are a part of the IoT industry, total IoT industry employees, annual revenue of the IoT industry, number of connected IoT devices worldwide, number of connected IoT devices with SIM cards, and the average sum of money companies spend on software. The initial market research into the IoT industry in general and IoT for the energy industry in particular will help in developing a business plan for a startup.
 

Early Findings

REVENUEAccording to Global Data, in 2018, the annual revenue of the global IoT market reached $130 billion. This market includes devices, connectivity, and software and services.
The annual revenue of the global IoT for software and services, connectivity, and devices was $226 billion, $37 billion, and $55 billion respectively. 
The annual revenue of the global IoT market is projected to reach $318 billion by 2023, at a CAGR of 20%.
SPENDINGAccording to the International Data Corporation (IDC), the global spending on IoT in 2018 was $646 billion which is expected to increase by 15.4% to "reach $745 billion in 2019." 
DEVICESSeveral markets and industry research leaders provide different current and projected number of connected devices and IoT devices. 
According to Business Insider Intelligence, there were 9 billion IoT devices in 2017 and 10 billion IoT devices in 2018. The number of IoT devices is expected to grow to 64 billion in 2025. 
On the other hand, Ericsson in its 2018 Mobility Report estimates that there were 7 billion IoT devices in 2017 which are expected to increase to 19.8 billion in 2023. From this, cellular IoT devices were 0.7 billion in 2017 and will increase to 3.5 billion in 2023. 
Ericsson estimates the total number of all connected
 devices to be 31.4 billion in 2023, up from 17.5 billion in 2017. 
Gartner predicted the total number of "connected things" in 2019 to be 14.2 billion which will increase to 25 billion by 2021. 
According to the estimates by Cisco, there will be over 12 billion mobile-ready devices and IoT connections supported by mobile networks in 2022, up from 9 billion in 2017. 
Since the number of connected IoT devices with SIM cards was hard to come by, we have provided the number of cellular IoT devices instead. 
COMPANIES AND EMPLOYEESIn 2017, there were 2,888 companies associated with the IoT industry in the USA. These companies employed 342,000 IoT workers. 