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IDC Research Forecasts Canadian Spending on Internet of Things to be Largest in Manufacturing, Healthcare and Transportation Industries
Toronto, ON (May 14, 2015) – Spending on the Internet of Things is set to take off in Canada in 2015, according to a Canadian forecast on IoT released by International Data Corporation.
The Canadian Internet of Things 2015-2018 Key Addressable Use Case Forecast by Industry is the first detailed forecast on the IoT market in Canada, that explores the size and growth by industry for 36 specific use cases. IDC has evaluated the components, processes, IT support, and connectivity for the key IoT use cases and segmented this market by 11 vertical markets to help market players identify growth areas. The report is designed to pinpoint the key addressable use cases for Internet of Things technologies and solutions.
"Over the next 10 years, the Internet of Things market will see significant vertical-focused growth. To tap into this fast-growing market, IT vendors will need to pinpoint the largest and fastest-growing industry opportunities and create solutions that address the unique business processes specific to each industry use case" says Nigel Wallis, IDC Canada's Research Director, IoT & Vertical Markets.
"2015 is when the IoT market will really take off in Canada. IDC forecasts that growth in IoT revenue will be very high but will still be linear" adds Mr. Wallis. "Spending on the key addressable use cases in Canada will grow from C$2.88 billion in 2013 to C$6.5 billion in 2018 for a CAGR of 18%." This report is designed to help clients target and attack opportunities, assign resources and segment the market. It presents a bottom-up model with 36 defined use cases on an industry-by-industry basis, built on 15 technology sub-segments. Note that previously released market size estimates for IoT should not be compared to the aggregate spending provided in this report, as this study isolates the top 36 use cases in select industries in Canada.
In addition, IDC Canada's research anticipates that:
- The fastest-growing industry sectors are consumer, manufacturing, and insurance. Based on specific industry and technology drivers, the industry sectors with the greatest ICT opportunity in terms of overall size are manufacturing, healthcare, transportation, and consumer.
- Vendors of IT, communications and operational technology will all play in the IoT marketplace as solutions are comprised of multiple components, including: intelligent or enhanced traditional embedded systems; connectivity and service enablement, as well as service provider equipment and system infrastructure; IoT purpose-built platforms; analytics; applications; security; and services.
- Growth in IoT in Canada is hindered by significant remaining market inhibitors including: security and privacy; cost; solutions still require customization, not configuration; and the traditional Canadian conservatism toward emerging technologies.
The Canadian Internet of Things 2015-2018 Forecast Key Addressable Use Case Forecast by Industry is the first report released for 2015 from the newly created Canadian Internet of Things Ecosystem and Trends report series. Additional research planned for the report series this year include:
- Canadian Internet of Things Vendor Landscape: Services
- Canadian Internet of Things Vendor Landscape: Solutions
- Canadian Internet of Things 2015-2019 Forecast by Use Case
- Adoption of IoT by Canadian Enterprises: 2015 Survey
- Case Study: Canadian IoT 2015
- Internet of Things Taxonomy, 2015
The research contained within this report series leverages detailed data points from a new consulting product offering from IDC Canada called the Canadian IoT Market Model. This customizable pivot table segments the Canadian IoT market by 11 industries, by 36 use cases and by 12 technology segments. It contains two years of historical data, plus 5 years of forecast data and is critical information for any Canadian-based IoT business plans.
About the Research
The Canadian Internet of Things 2015-2018 Forecast Key Addressable Use Case Forecast by Industry (IDC# CA1IOT15) presents the first Canadian vertical analysis of the identifiable opportunities across the Internet of Things (IoT) market. It provides a market outlook for 2015-2018 and sets the forecast within the context of the IoT technology stack, including intelligent systems, connectivity services, platforms, analytics, and vertical applications in addition to security and professional services required to build out a complete picture. This study discusses the key vertical market trends contributing to growth of the IoT.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy. More than 1,100 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. For more than 50 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com.
Source: International Data Corporation (IDC)
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