Though the market for the Internet of Things (IoT) is projected to reach a staggering $3 trillion globally by 2025, that forecast has dimmed partly due to broader smartphone capability. Fortune mentioned an IoT report by Machina Research that lowered its forecast for part of the IoT market. Previously it projected the devices-and-services segment of the IoT market as reaching $1.6 trillion by 2024, but has revised that number down to $1.3 trillion.