It happens every year around this time – every IoT company on the planet, whether it’s a giant platform company, an old-school manufacturing player, or a teeny startup making Internet-enabled baby monitors issues its predictions about the market in the years to come, in the hope that IoT reporters looking for a quick story will write something with a headline like “Internet-enabled baby monitor market to reach $250 billion by 2040, according to cool company.”
Yet those predictions are, to put it kindly, all over the map. A McKinsey & Company estimate suggests that the economic impact of the IoT will reach $11 trillion by 2025. IDC estimates that total spending on IoT will reach $1.2 trillion by 2022. Gartner forecasts 20.4 billion connected devices globally by 2020, and DigiCert says that 92% of companies they surveyed said IoT will be “important to their business” in 2012.