Internet of Things to become everyday reality with spending to jump to $2tn

The Internet of Things (IoT) has long been heralded but it is set to hit the mainstream with some 8.4 billion connected devices in use worldwide by the end of 2017.

That's according to research firm Gartner, which forecasts a 31 per cent rise in the number of connected "things" from last year.

Gartner estimates that total spending on endpoints and related services will reach almost $2 trillion this year with the use of connected things driven by consumers and businesses in China, North America and Western Europe. The three regions together will represent 67 per cent of the overall IoT installed base by the end of 2017.

The IoT is the generic term generally used to describe a world in which everyday items are connected to the internet.

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According to Gartner, the consumer segment is the largest user of connected things with 5.2 billion units in 2017, which represents 63 per cent of the overall number of applications in use. Businesses are on pace to employ 3.1 billion connected things by the end of this year.

"Aside from automotive systems, the applications that will be most in use by consumers will be smart TVs and digital set-top boxes, while smart electric meters and commercial security cameras will be most in use by businesses," said Peter Middleton, research director at Gartner.

Hardware spending

While consumers purchase more devices, businesses typically spend more with hardware spending by companies set to reach $964 million this year. Consumer applications will amount to $725 billion. However, By 2020, hardware spending from both segments will reach almost $3 trillion.

In addition to smart meters, applications tailored to specific industry verticals such as manufacturing field devices, process sensors for electrical generating plants and real-time location devices for healthcare, will drive the use of connected things among businesses this year. From next year onwards though, cross-industry devices, such as those targeted at smart buildings, including LED lighting, heating, ventilation and air conditioning and physical security systems, will take the lead as connectivity is driven into higher-volume, lower cost devices.

In 2020, cross-industry devices are expected to reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units.