Industrial, automotive to drive IoT sales
IoT systems revenues for industrial Internet applications are now forecast to grow 17.7 percent in 2018 to $35.9 billion, while the connected cities segment—covering government-funded infrastructure, smart roadways and bridges, streetlights, power grids and other utilities, public-safety video security networks, environmental and weather monitors, and other systems—is expected to increase 7.0 percent this year to $38.8 billion.
Internet of Things system sales and growth rates by application sector. Source: IC Insights.
The strongest growth in 2018 is still expected to occur in the IoT-connected vehicle category, which is forecast to rise 21.6 percent this year to $4.5 billion. IoT sales generated by connected home systems are forecast to grow 16.0 percent in 2018 to $2.9 billion, while the wearable category (including Internet-enabled smartwatches and medical units) is expected to rise 12.4 percent to $11.8 billion this year.
The projected 2016 to 2021 sales growth rate in three IoT end-use market categories has been reduced with wearable systems going from a CAGR of 12.8 to 11.9 percent; connected homes applications dropping from a CAGR of 16.8 to 14.8 percent; and the industrial Internet segment being eased back from a CAGR of 18.7 to 17.8 percent in the five-year period. The sales growth forecast in connected vehicle systems remains unchanged at a strong CAGR of 22.9 percent between 2016 and 2021.
The five-year growth forecast in the connected cities category has been raised slightly, going from a CAGR of 6.3 to a 6.5 percent .
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