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IoT devices to surpass mobile phones by year end

May. 30, 2018  – 

Ericcson forecasts that the global Internet of Things (IoT) market, with its rapid rate of growth, will see the number of IoT devices surpassing the number of mobile phones by the end of 2018.

These devices include cars, wearable tech and other forms of consumer electronics. Ericcson further believes that the number of IoT devices will amount to 18 billion by 2022. This massive growth will translate to a market cap near $200 billion in 2023 according to analysts at ReportsnReports. The growth of this market is supported by underlying advancements in various technological platforms, including image sensors and data management systems. Additionally, the need for advanced data analytics in the business landscape is influencing significant investment into developing the market.

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