| $6 trillion will be spent on IoT solutions between 2015 and 2020 John Greenough | November 12, 2015 Want to receive more free charts from BI Intelligence? Sign up here » 
BI Intelligence projects $1.6 trillion will be spent on installing IoT solutions in 2020, up from $450 million in 2015. Over the next five years, we expect businesses, governments, and consumers collectively will invest $6 trillion in installing IoT ecosystems. We believe enterprises will account for the largest share of IoT investment, followed by governments, with consumers representing the smallest portion. - Enterprise investments will grow from $215 billion in 2015 to $832 billion in 2020, representing a 31% CAGR.
- The CAGR for government investments will be slightly lower, at 29%. Governments will spend $161 billion on IoT solutions in 2015, rising to $573 billion in 2020.
- Consumers will spend $72 billion in IoT products in 2015, increasing at a 27% CAGR to $236 billion in 2020.
As we stated in The Internet of Things 2015 report, enterprises are looking for one of three things when implementing an IoT solution: 1) lower operating costs; 2) increased productivity; or 3) expansion to new markets or development of new product offerings. Connecting their assets to the internet for remote monitoring and control helps them achieve either one or a combination of those three things. Based on surveys and interviews of executives and data on the market, we continue to remain bullish on the increase in investment in IoT solutions from enterprises. Get Daily Industry Insights with the INSIDER Newsletters from BI Intelligence Do you need to stay ahead of the latest trends in digital? Subscribe to the daily INSIDER newsletters covering mobile, digital media, e-commerce, payments and the Internet of Things. Select your INSIDER edition or subscribe to all five.
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