IoT spending to reach $1.29 trillion in 2020

Posted on January 10th, 2017

Today's top entrepreneurship and business stories (10 January)
The International Data Corporation expects worldwide Internet of Things spend to reach US$1.29 trillion in 2020.

Worldwide spending on the Internet of things (IoT) is forecast to reach US$1.29 trillion in 2020, according to forecasts by the International Data Corporation (IDC).

According to the IDC’s worldwide semi-annual guide, global IoT spending will experience a compound annual growth rate of 15.6% over the 2015 to 2020 period.

The IDC guide highlights that industries such as manufacturing, transportation and utilities will continue to make the largest IoT investments.

Consumer IoT purchases, the fourth largest market segment in 2016, will become the third largest segment by 2020, it says.

The industries that will see the fastest spending growth are insurance, consumer, healthcare and retail, according to the research firm.

“A fairly close relationship exists between high growth IoT use cases in consumer product and services-oriented verticals like retail, insurance, and healthcare,” says Marcus Torchia, research manager for IoT with IDC’s customer insights and analysis team.

“In some cases, these are greenfield opportunities with tremendous room to run. In other verticals, like manufacturing and transportation, large market size and more moderate growth rate use cases characterise these verticals. As a whole, the IoT opportunity is a diverse developing marketplace for vendors and end-users alike.” (via ITWeb Africa)

Men’s grooming products market estimate to reach US$ 54 bn by 2024
With nearly 40% revenue share, Europe will continue to remain the most attractive market for men’s grooming products. Germany, France, and the UK remain the top three markets, collectively accounting for over half of the revenue share of the Europe men’s grooming products market. North America, the second largest market globally, will rake in US$ 29 Bn in revenues by 2024. In terms of market value, the US$ 54 billion global market for men’s grooming products will expand at a CAGR of 8.4% through 2024.

In North America, shave care products and fragrances will be the top-selling men’s grooming products and the market in Asia Pacific will continue to post steady gains on account of rapidly growing sales in China.

Persistence Market Research’s study on the global men’s grooming products market has been compiled in the report titled “Global Men’s Grooming Products Sales Estimated to Reach US$ 104,199.2 Million by 2024 End; Europe’s Revenue Share to Remain Dominant.” Personalized shopping through e-commerce outlets has been identified as a key driving factor men’s grooming products globally. Increasing FDI in e-tailing businesses is further urging manufacturers of men’s grooming products to intensify their distribution operations through online retail channels. Easy accessibility and low costs are key factors for the rising men’s grooming products sales through e-commerce and online retail websites. Over the forecast period, online distribution channels will give rise to an absolute increment of more than US$ 12 billion. Nevertheless, sales of men’s grooming products through supermarkets and independent retail outlets remain key for companies looking to improve their sales potential by catering to impulsive buying and focusing on customer rapport.

Four startups chosen to join British Airways owner IAG’s first accelerator programme
International Airlines Group (IAG) has selected four finalists for its first ever accelerator programme.

The four startups will take part in Hangar 51, the programme run in association with innovation specialist L Marks. The parent firm of British Airways, Iberia and Aer Lingus, invited businesses to pitch for a chance at joining the accelerator to work with IAG on creating “next generation travel experiences” through innovative ideas, tech and services.

The successful businesses were chosen from 26 startups that were asked to present their firms before a judging panel at a pitch day, after 450 applications for the initiative.

Stuart Marks, chairman of L Marks, said the four finalists “all bring something unique to the programme while sharing a true disruptive nature”.

The four finalists are:
Esplorio – an app which records and shares travels easily, so people can remember their experiences.
Resolver – an independent online resolution service helping consumers to raise issues and helping businesses to be more effective at resolving them.
VChain Tech – which uses blockchain technology to build patent-pending Digital Identity SaaS to help airlines share data safely and securely when passengers take connecting flights.
Warwick Analytics – a team of data scientists who produce automated predictive analytics software. (via CityAM)