With Ubiquitous Connectivity Becoming a Global Norm, the Internet of Things is a Reality with a Potential Market Size of $523.7 Million in 2022
This outlook considers the growth potential of hardware, software, connectivity, services, and of primary verticals in the Colombian IoT market. The base year is 2016 and the forecast period is from 2017 to 2022. For the purposes of this research, Industrial IoT refers to the use of IoT technologies in manufacturing, automotive, smart cities, agriculture, utilities, healthcare and other verticals. Consumer IoT, including consumer wearables, phones, TVs, appliances, home monitoring, and home automation are not included. Primary research included extensive interviews with CEOs, directors, and other executives.
A bottom-up analysis of the verticals included in the study was based on information in the Frost & Sullivan knowledge base, a modelled analysis of the impact of various drivers and restraints over the forecast period across Colombia, and a modelled demand analysis. These data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments.
Research Scope
The study presents business cases and market drivers and restraints through 2022. It also provides insights regarding growth opportunities and emerging trends that will affect market participants over the forecast period.
The Colombian Industrial Internet of Things (IoT) market revenue is expected to increase from $168.3 million in 2016 to $523.7 million by 2022, at a compound annual growth rate of 20.8%. Some of the main drivers for IoT growth are the migration from IPv4 to IPv6 and from 4G/LTE to 5G to provide future addresses and bandwidth for IoT. 5G will increase network capacity nearly tenfold, with data speeds greater than 1 Gbps and near-zero latency; while IPv6, the latest Internet protocol, can assign 100 unique IP addresses to every atom on the surface of the earth. The Colombian industrial IoT market ecosystem comprises vendors, integrators, and service providers offering IoT wireless or fixed two-way communication technologies.
Key Issues Addressed
- Is the market growing, how long will it continue to grow, and at what rate?
- Which are the key verticals in this market? Which will grow the fastest by 2022?
- How will the revenue shares of the hardware, software, services, and connectivity segments change?
- In what stage are organizations in Latin America in evaluating or deploying IoT solutions?
- What are Latin American organizations' top 3 concerns in regard to IoT?
- What are the top 3 drivers for IoT investments?
