The global market for Internet of Things (IoT) will nearly triple to $1.7 trillion by 2020, research firm International Data Corp said.
The IoT market was valued at $655.8 billion in 2014. It is set to grow at a compounded annual rate of 16.9 per cent, according to IDC.
“Devices, connectivity, and IT services will make up the majority of the IoT market in 2020. Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020, with devices (modules/sensors) alone representing 31.8% of the total,” IDC said.
“While wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets,” said Vernon Turner, senior vice president and research fellow (IoT), Enterprise Systems. “
