IoT market to reach $3.04trn by 2020: IDC
Some 30bn connected ‘things’ inside six years, says research firm
The worldwide Internet of Things (IoT) market is forecast to grow from $1.3trn in 2013 to $3.04trn in 2020 with a compound annual growth rate (CAGR) of 13%, according to an IoT ecosystem forecast from International Data Corporation (IDC).
The ICT industry research firm used the report to define the hardware, software, services, connectivity, and security elements that make up the evolving IoT ecosystem.
IDC defines the Internet of Things as a network of networks of uniquely identifiable endpoints (or "things") that communicate without human interaction using IP connectivity. IDC's view of the IoT ecosystem includes intelligent systems, network equipment, connectivity services, data integration, and other types of software, applications, services and security.
The company predicts that, as IoT moves beyond the "hype and promise", a variety of vendor strategies and key players will emerge to "find success in meeting customers' needs as well as growing new revenue streams" from IoT.
"The opportunities presented by IoT are driving widespread attention among both traditional and non-traditional ICT vendors looking to take advantage of emerging revenue opportunities," said Vernon Turner, senior vice president, Enterprise Infrastructure, Consumer, Network, Telecom and IoT Research, IDC. "We're still in the early stages of maturation and IoT represents unparalleled opportunity in government, consumer, and enterprise environments."
"There will be no one leader in this market," said Carrie MacGillivray, vice president, IoT and Mobile Service & Infrastructure, IDC. "The market will rely on partnerships, federation, and innovative services to create truly valuable IoT solutions."