The prevailing IoT industry will push shipments of Wi-Fi connected devices to 3.75 billion before the end of the decade, new forecasts have claimed.
According to the Taiwan-based Market Intelligence & Consulting Institute (MIC), 2.27 billion Wi-Fi devices were shifted in 2014, an increase of 18 percent year-on-year. MIC predicts this number will see an compound annual growth rate of 10.6 percent between now at 2019.
The research institute said demand was being driven as smaller vendors and chipmakers broke free of bigger players from the supply chain to pursue their own Wi-Fi connected platforms and devices.
Remus Hsu, industry analyst with MIC, said: “Seeing IoT applications as the next growth driver, the upstream, midstream, and downstream sectors of the industry, from global ICT brands to new startups, is assessing the possibility of introducing new technologies or modules into their devices and developing IoT solutions and applications.”
”In 2019, we predict that 3.75 billion Wi-Fi connected devices will be shipped worldwide, with a CAGR of 10.6% from 2014 to 2019."
While the hype around IoT continues to grow, experts have warned that stumbling blocks regarding the cost of devices and security could hinder the industry in the short-term.
In February, International M2M Council Alex Brisbourne said that “wacky predictions” and “cartoonish hype” from analysts threatened to shorten the lifespan of the IoT industry by killing hype.