The number of Internet of Things (IoT) devices in use worldwide by 2020 will reach 20.8 billion, with the consumer segment dominating in terms of unit volume and spending.
According to Gartner, in five years the installed base of enterprise IoT devices will reach 7.3 billion, up from 1.9 billion in 2015. This segment consists of cross-industry devices, such as light bulbs and heating, ventilation and air-conditioning (HVAC) units, and vertical-specifi c devices such as specialised hospital equipment, for example.
By comparison, the number of consumer IoT devices in use will reach 13.5 billion by 2020, up from 3 billion this year, Gartner said.
However, while the consumer segment dominates in terms of unit volume today, the enterprise market is by far the bigger spender on IoT devices, a trend Gartner expects to continue in 2016.
According to the research firm, enterprise spending will reach $767 billion this year, growing to $868 billion in 2016. Meanwhile, consumer spending is expected to come in at $416 billion this year and $546 billion in 2016.
By 2020 though, Gartner expects the consumer market to overtake the enterprise market, with consumer spending reaching $1.53 trillion compared to $1.48 trillion for the enterprise market.
