Internet of Things Technology Spend is USD 120 – India Today

August 24, 2016 Facebook Twitter LinkedIn Google+ Uncategorized

(Attn.editors: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same). Internet of Things Technology Spend is USD 120 Billion Currently and is Expected to Grow at 16% to Reach USD 253 Billion by 2021, with North America Contributing to ~40% of the Total Spend, Says ZinnovBANGALORE, August 24, 2016/PRNewswire/ — Zinnov, a leading management consulting firm, today released the ratings for Zinnov Zones – Internet of Things Technology Services. This is a first-of-its-kind rating that will enable business leaders across industries to make informed decisions in partner selection across geographies for their Internet of Things (IoT) led product and service initiatives. (Logo: According to the study, the overall IoT technology spend stands at USD 120 billion in 2016 and is expected to grow at 16% to USD 253 Billion. A detailed analysis of the Top 2000 spenders revealed a consolidated structure with Top 100 companies contributing to 46% of the total spend. The study points out that industrial, BFSI and automotive verticals are the biggest spenders contributing to over 46% of the overall IoT Technology spend. A geography wise analysis in the report shows North America as the biggest spender followed by Asia, led by Japan and China, and Europe.The report added that the current addressable IoT Technology market for service providers stands at USD 34 billion and is expected to reach USD 69 billion in 2021. Out of the USD 34 billion addressable market, USD 2.8 billion is currently addressed. An analysis of 200 service providers reveals a highly consolidated space with the Top 20 service providers addressing 82% of the market. (MORE) PRNewswire DL