Internet of Things Technology Spend is USD 120 Billion Currently and is Expected to Grow at 16% to Reach USD 253 Billion by 2021, with North America Contributing to ~40% of the Total Spend, Says ZinnovBANGALORE, August 24, 2016/PRNewswire/ -- Zinnov, a leading management consulting firm, today released the ratings for Zinnov Zones - Internet of Things Technology Services. (Logo: http://photos.prnewswire.com/prnh/20130213/594614) According to the study, the overall IoT technology spend stands at USD 120 billion in 2016 and is expected to grow at 16% to USD 253 Billion. The study points out that industrial, BFSI and automotive verticals are the biggest spenders contributing to over 46% of the overall IoT Technology spend. Out of the USD 34 billion addressable market, USD 2.8 billion is currently addressed. An analysis of 200 service providers reveals a highly consolidated space with the Top 20 service providers addressing 82% of the market.

Source: India Today August 24, 2016 10:18 UTC