Next year could be very promising for the growing Internet of Things (IoT) market.
Information technology research and advisory company Gartner forecast that nearly 6.4 billion connected things will be in use by 2016, which is a 30 percent hike from the number being used this year.
The firm’s latest research also found that next year 5.5 million new IoT devices will be connected each day.
“IoT services are the real driver of value in IoT, and increasing attention is being focused on new services by end-user organizations and vendors,” Jim Tully, vice president and analyst at Gartner, said in a press release.
“Aside from connected cars, consumer uses will continue to account for the greatest number of connected things, while enterprise will account for the largest spending,” he added.
Gartner estimates the IoT market will support $235 billion worth of total services spending in 2016, a 22 percent increase from 2015. While these services will be dominated by professional spending, Gartner confirmed that connectivity services and consumer services are expected to grow at a faster pace.
“Connected things for specialized use are currently the largest category, however, this is quickly changing with the increased use of generic devices. By 2020, cross-industry devices will dominate the number of connected things used in the enterprise,” Tully confirmed.
To check out what else is HOT in the world of payments, click here.