According to the market research by IDC, the global market for Internet of Things (IoT) will reach $3.04 trillion by 2020. The market, which was estimated at $1.3 trillion in 2013, will grow at a CAGR of 13 per cent by 2020. According to the firm, the growth in cloud services and number of Internet-connected devices will help drive the growth of IoT market in the near future.
Further, the firm believes that the installed and connected base of IoT units will reach 30 billion by end-2020. The IoT ecosystem will include various intelligent systems, network equipment, connectivity services, data integration, and other types of software, applications, services and security.
Looking at the potential of the opportunities in the IoT market, many information and communication technology (ITC) vendors are working on strategies to find success in the field while meeting the needs of the customers. IDC has added that the market is at a nascent stage and therefore, represents a good prospect in government, consumer, and enterprise environments.
IDC has stated that the North American region has been the growth driver for the IoT market but the government directives and customer needs will allow the Western European and Asia Pacific regions to overtake North America in terms of IoT revenues and installed base by 2020.
