5 things to know about the IoT market

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The Internet of Things is a relatively new, but quickly growing area. BI Intelligence, Business Insider's research service, has released its The Internet of Things 2015 Report, which examines how the IoT affects multiple industries

Here are five key points from the report.

1. In 2015, there are 10 billion devices connected to the Internet. The report predicts this number will grow to 34 billion devices by 2020.

2. In 2020, 10 billion of the 34 billion devices connected to the Internet will be traditional devices such as smartphones and tablets. The other 24 billion devices will belong to the IoT.

3. The report expects businesses to be the leading adopters of IoT devices, followed by government.

4. Over the course of the next five years, the IoT will result in spending of approximately $6 trillion.

5. The BI Intelligence report predicts consumers to fall behind business and government in IoT device adoption.

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