Global IoT market forecast to exceed $7trn by 2020

Internet of Things no longer just a gimmick, argues IDC

Tags: International Data CorporationInternet of Things
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Global IoT market forecast to exceed $7trn by 2020
By  Stephen McBride Published  June 4, 2014

The worldwide market for Internet of Things (IoT) solutions is projected to grow from $1.9trn in 2013 to $7.1trn in 2020, according to the latest projections from International Data Corporation (IDC).

IDC defines the Internet of Things as "a network of networks of uniquely identifiable endpoints" that communicate without human interaction using IP connectivity, be it locally or globally".

Consumers continue to experience and embrace IoT in their homes, cars, and in many other aspects of their daily life. Globally, individuals are developing a high affinity for full-time connectivity, which makes consumer IoT a compelling proposition, IDC argues. Businesses are meanwhile intrigued by the efficiencies, business process implications, and revenue opportunities IoT solutions can generate.

"Businesses are taking the necessary steps to gain a deeper understanding of IoT and the overall value," said Vernon Turner, senior vice president of IDC's Enterprise Infrastructure, Consumer, Network, Telecom and Sustainability Research.

"Technology vendors are evolving their solutions in a supply-driven market that's edging toward becoming a more demand-driven market."

"The worldwide IoT market is exploding, and IDC's research examines the full breadth of the IoT ecosystem, including intelligent and embedded systems shipments, connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services," added Carrie MacGillivray, programme vice president, Mobile Services, IoT, and Network Infrastructure at IDC.

"IoT solutions are at the heart of IDC's view of the third platform and the four pillars - mobility, social business, big data analytics, and cloud - resulting in millions of applications available to billions of end points."

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