BI Intelligence, Business Insider’s premium research service, expects there will be more than 24 billion IoT devices on Earth by 2020. That’s approximately four devices for every human being on the planet.
And as we approach that point, $6 billion will flow into IoT solutions, including application development, device hardware, system integration, data storage, security, and connectivity. But that will be money well spent, as those investments will generate $13 trillion by 2025.
Who will reap these benefits? There are three major entities that will use IoT ecosystems: consumers, governments, and businesses. For more detail, see the Industries section below.