Top 10 smart industries market forecast

Top 10 smart industries market forecast

Market news |
By Wisse Hettinga

The report covers the following industries: IoT in manufacturing, retail, and utilities; connected mining, connected logistics, and connected agriculture; and smart education/learning, smart buildings, smart grid management, and smart transportation.

Over the forecast period, which extends to 2021, all of the connected/smart industries are expected to grow at a “significant rate.” The growth will be driven, the report says, by the emergence of IoT technology, the need for cost efficient technology solutions, and increasing adoption of connected devices.

For example, as a result of smart city initiatives, the smart building market is expected to grow at a compound annual growth rate (CAGR) of 34.0% during the forecast period to reach a projected $24.73 billion by 2021. In the utilities market, the move toward a smart grid, improved customer service, and efficiency are projected to drive the IoT in utility market to grow at a CAGR of 20.4% during the forecast period, from $4.63 billion in 2015 to $11.73 billion by 2020.

The smart transportation market will be driven by increasing road congestion and safety issues, as well as initiatives to reduce greenhouse gas emissions. Estimated to be $46.72 billion in size in 2015, the smart transportation market is forecast to reach $138.76 billion by 2020, growing at a CAGR of 24.3%.

The report also profiles major technology vendors. These include ABB Group (Switzerland), Cisco System (U.S.), General Electric (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Parametric Technology Corporation (U.S.), SAP SE (Germany), Schneider Electric SE (France), and Siemens AG (Germany).

Top 10 Connected/Smart Industries

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