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Worldwide installations of enterprise and automotive Internet of Things (IoT) endpoints is estimated to increase from 2018 to 2020. The utilities segment is forecast to have the largest increases, with installations increasing from *** million units in 2018 to **** billion units in 2020. The increasing use of electricity smart metering is estimated to boost the adoption of IoT among utilities, contributing to its large installed base. IoT is a term used to define a network that not only connects people, but also the objects around them. IoT consists of a vast network of smart objects working together to collect and analyze data, and autonomously perform actions.

Expected global growth in revenue from IoT verticals

    The total installed base of IoT connected devices is projected to amount to **** billion units worldwide by 2025. With more people using IoT technology, the different verticals that make up IoT are forecast to increase in revenue over the next few years, with some segments growing more rapidly than others. For example, global revenue of the IoT managed services market is forecast to increase from around ** billion U.S. dollars in 2018 to more than *** billion in 2027, while revenue in the IoT sensors market is estimated to increase from around **** billion U.S dollars in 2018 to over ** billion in 2027.