China to have highest connected device, US to have highest revenue from IoT by 2025
The total number of IoT connections will grow from 6 billion in 2015 to 27 billion in 2025, a CAGR of 16% to generate revenue worth USD 3 trillion up from USD 750 billion in 2015, as predicted by Machina Research.
Out of the total, USD1.3 trillion will be accounted for by revenue directly derived from end users in the form of devices, connectivity and application revenue. The remainder comes from upstream and downstream IoT-related sources such as application development, systems integration, hosting and data monetisation.
China and the US will be neck-and-neck for dominance of the global market by 2025. China which will account for 21% of global IoT connections, ahead of the US on 20, with similar proportions for cellular connections. However, the US wins in terms of IoT revenue (22% vs 19%). Third largest market is Japan with 7% of all connections, 7% of cellular and 6% of global revenue, as per the research.