Mexico’s Internet of Things (IoT) market reached US$3.3 billion in 2016, totaling a 0.41% participation in the global market, which was valued at US$812 billion.

Driven primarily by the business, transport, and manufacturing sectors, the Mexican IoT market is predicted to grow 26% in 2017, reaching US$4 billion, according to data from consulting firm IDC.

Latin America’s participation in the IoT market was 1.57% in 2017, compared to the 55% of investments that came in from the US and China.

While the business sector accounts for more than 50% of the Mexican IoT market, consumer applications are expected to be a major contributor in the run up to 2020.

Earlier this year, US cloud-based physical asset management solutions maker TrackX Holdings teamed up with Mexico’s All Pretium to explore Latin America’s growing market for Internet of things (IoT).

Mexico also took another big step toward the adoption of IoT late last year, welcoming a new dedicated communications service for the technology. The network was implemented by French company Sigfox.

By 2020, IoT devices are expected to more than triple, from 10 billion to 34 billion. Of those, IoT devices will account for 24 billion, while traditional computing devices such as smartphones, tablets, and smartwatches, will make up the rest.

The global IoT market is expected to be worth about US$14.4 trillion over the next five years.