Enterprise customers remain bullish on the Internet of Things, but their enthusiasm has been tempered by the realization that complete solutions may take longer to implement and yield a return than they had originally expected. Even so, we expect the markets for IoT hardware, software, systems integration, and data and telecom services to grow to $520 billion in 2021, more than double the $235 billion spent in 2017 (see Figure 1).

Since Bain’s last extensive survey on the Internet of Things and a
Source: NDT