Press Releases

Rampaging IoT Global Market to Gain $37 Billion by 2021

March 28, 2017

Wellesley, Mass., Mar 28, 2017 –New proprietary research by BCC Research predicts red-hot growth for the global market for the Internet of Things (IoT), with North America pacing all regions with a blistering 37.2% CAGR thanks to the increased adoption of smart sensors by consumers and businesses, as well as manufacturing, building and infrastructure sectors.

BCC Research's Sensors for the Internet of Things: Global Markets reports that because sensors are often the critical end point or starting point for IoT communications.  Emerging technology shaped by new requirements for IoT applications will create new product categories or revitalize existing products through adaptations.

Research Highlights

  • Asia-Pacific, driven by its scale and innovation investments, is expected as the next-largest market.
  • Falling chip prices and integration of sensors into systems-on-a-chip (SoC) are enabling the low price point for IoT devices that are required for rapid growth.
  • Deployment of IPv6, which has already begun, will enable an unlimited number of addresses, thereby making connection of a large number of IoT sensors possible.

"New capabilities are coming to the fore at a time when sensors already have greatly expanded their capabilities," says Kevin Fitzgerald, BCC Research editorial director. "From traditional purposes such as temperature, pressure, or flow measurement, sensors are now embedded in altitude and heading reference systems, potential voltage measurement or force-sensing resistors, and many other technical and everyday applications in nearly every industry."

Unlimited Use for IoT Sensors?

Sensors can be embedded in nearly any environment, including smart sensors for personal use. BCC Research's new report categorizes all manner of IoT sensors, whether they are in infrastructure, smart sensors, or technical applications. Given these parameters, as many as 1,000 sensors per person may be required during the next 10 years, accumulating to more than one trillion sensors.

"The only limitation on this explosive growth, besides manufacturing capacity, is the need to support all of these sensors with sufficient computing power to make them IoT-capable," notes Fitzgerald. "When the computing network and distributed data centers required to capture and manage that data flow are considered, the chief limitation on IoT sensors is not related to the sensors themselves, but rather to how efficiently the data that they produce can be captured and utilized."

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

Sensors for the Internet of Things (IOT): Global Markets( IFT130A )
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