LONDON, Sept. 30, 2014 /PRNewswire/ -- The Internet of Things (IoT) market is expected to be one of the fastest-growing segments in the technology industry in Asia-Pacific. Total Asia-Pacific IoT spending is forecast to be $9.96 billion in 2014, at a CAGR of 34.1%, reaching $57.96 billion by 2020. More than 80 billion devices are expected to be connected to the Internet by 2020. This research service provides a historical perspective and a 7-year forecast of the IoT market in Asia-Pacific. In this study, Frost & Sullivan's expert analysts thoroughly examine the following areas: vertical spending on IoT, the IoT ecosystem, the delivery model, and the IoT taxonomy in various industries.
-The convergence of telecommunications and Internet protocol (IP) technologies has resulted in an increasingly connected world. By 2020, each human being will have an average of connected devices.
-Moreover, by 2020, there will be approximately billion connected devices, globally, and these devices will permeate multiple facets of our everyday lives. This will fundamentally change the way we live, and will require technology and service providers to re-think their business models and the technology implications of the solutions they are introducing.
-Internet of Things (IoT) spending on hardware, software, and services is projected to be $ billion in 2016, and is expected to reach $ billion in 2020. The bulk of initial (over the next years) IoT spending is expected to arise from Japan, South Korea, Australia, Singapore, and China. By 2015, China will contribute the majority of the spending.
-IoT implementations are expected to grow rapidly across multiple industries, with logistics and transportation being the earliest implementations of IoT solutions. IoT implementations in consumer technology, manufacturing, and healthcare are expected to be the fastest-growing areas over the next – years.
-The IoT is characterized by a fragmented ecosystem, with numerous vendors providing solutions across different technology and industry domains.
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