Technavio is predicting significant growth for the Internet of Things over the next several years, according to a new report from the market research firm. Entitled “Global IoT Security Market 2015-2019, the report suggests that the market will experience an annual growth rate of 54.93 percent (CAGR) over the forecast period.
The report covers the Americas and the APAC and EMEA regions, looking at applications of IoT technologies in the automotive, utilities, and healthcare sectors, among others. Interestingly, Technavio identifies regulatory compliance as a major market driver, while high implementation costs are a significant barrier. And the emergence of smart cities is going to be a major market trend over the forecast period; we’re already seeing these take shape as cutting-edge technologies are used to monitor crowd behavior at a busy pedestrian area in Tokyo, for example.
The report offers some measure of validation to the massive hype surrounding the IoT. Major institutions including IBM and the UK government are starting to pour money into the field in an attempt to get ahead in research and development, while organizations like Samsung are already starting to launch the technological architecture that could support an IoT device ecosystem. It’s a good time to try to find a solid footing in the field, and Technavio’s report could lend some valuable insight to that end.