IoT Market Predicted to Be Worth $662 Billion in Next 5 Years

The US researcher, Markets and Markets, has estimated the IoT market will grow from $157 billion in 2016, to a massive $662 billion by 2021 – a compound annual growth rate of 33.3%. Cheaper and smarter sensors, faster networking and rising cloud adoption are all cited as drivers. A separate report by Ovum found that $31 billion had been invested in IoT acquisitions between 2011 and 2015. Major vendors such Intel, Qualcomm and Google are investing most with telcos also showing increased interest.