According to the latest data from Juniper Research, the amount of devices connected to the Internet of Things will total 38.5 billion by 2020, a massive 285% rise over the 13.4 billion connected in 2015.
In its research, Juniper notes that the consumer side of the Internet of Things, which includes smart home, connected cars, and wearables, is likely to have the highest ARPU (average revenue per user), while the industry side will have a standout return on investment (ROI).
The industrial and governmental business will “form the majority of the device base,” says Juniper, “due to a much stronger business case for these types of applications.”
The Nest thermostat is one of the best known home hub devices pushing IoT into homes
However, while Juniper sees considerable growth for the future, Steffan Sorrell, author of The Internet of Things: Consumer, Industrial & Public Services 2015-2020 report, says there is still work to be done, and conflicting industry standards will continue to make progress slow.
“We’re still at an early stage for IoT. Knowing what information to gather, and how to integrate that into back office systems remains a huge challenge.”