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IDC forecasts Canadian spending on IoT to ‘take off’


April 21, 2015  


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Spending on Internet of Things (IoT) is set to take off in Canada in 2015 according to a Canadian forecast on IoT released today by International Data Corporation (IDC). The Canadian Internet of Things 2015-2018 Forecast by Industry, is the first detailed forecast on the IoT market in Canada, that explores the size and growth by industry. IDC has evaluated the components, processes, IT support, and connectivity for the IoT market and segmented this market by 11 vertical markets to help market players identify growth areas.

“Over the next 10 years, the Internet of Things market will see significant vertical-focused growth,” says Nigel Wallis,  the firm’s research director of  IoT and vertical markets. “To tap into this fast-growing market, IT vendors will need to pinpoint the largest and fastest-growing industry opportunities and create solutions that address the unique business processes specific to each industry use case.

“2015 is when the IoT market will really take off in Canada. IDC forecasts that growth in IoT revenue will be very high but will still be linear. The Canadian IoT market will grow from C$2.88 billion in 2013 to C$6.5 billion in 2018 for a CAGR of 18%.”

In addition, IDC Canada’s research anticipates that:

  • Globally, IDC expects the overall market for IoT to grow at a CAGR of 12.5%, from US$1.3 trillion in 2013 to US$3.0 trillion in 2020. IDC forecasts that there will be approximately 30 billion autonomous things attached to the Internet in 2020, which serve as the catalyst driving this significant revenue opportunity.
  • Based on specific industry and technology drivers, the industry sectors with the greatest IT opportunity in terms of overall size are manufacturing, healthcare, transportation, and consumer. The fastest-growing industry sectors are consumer, manufacturing, and insurance.
  • Growth in IoT in Canada is hindered by significant remaining market inhibitors including: security and privacy; cost; solutions still require customization, not configuration; and the traditional Canadian conservatism toward emerging technologies.

 


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