Cdn IoT 2015 spending to take off in manufacturing: IDC

Apr. 26, 2015 – Spending on Internet of Things (IoT) is set to take off in Canada in 2015 according to a Canadian forecast on IoT released by International Data Corporation (IDC). The Canadian Internet of Things 2015-2018 Key Addressable Use Case Forecast by Industry explores the size and growth by the IoT market in Canada for 36 specific use cases — the report is designed to pinpoint the key addressable use cases for IoT technologies and solutions.

“Over the next 10 years, the Internet of Things market will see significant vertical-focused growth. 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,” said Nigel Wallis, IDC Canada research director, IoT & Vertical Markets.

IDC estimates that spending on the key addressable use cases in Canada will grow from $2.88 billion in 2013 to $6.5 billion in 2018 for a CAGR of 18 per cent.

In addition, the research anticipates the fastest-growing industry sectors are manufacturing, consumer and insurance. Based on industry and technology drivers, the industry sectors with the greatest ICT opportunity in terms of overall size are manufacturing, healthcare, transportation, and consumer, it noted.

Vendors of IT, communications and operational technology will all play in the IoT marketplace as solutions are comprised of multiple components, including: intelligent or enhanced traditional embedded systems; connectivity and service enablement, as well as service provider equipment and system infrastructure; IoT purpose-built platforms; analytics; applications; security; and services.