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Opportunities Abound In Soaring IoT Market With Spending To Reach US$1.7T in 2020

Opportunities Abound In Soaring IoT Market With Spending To Reach US$1.7T in 2020The IDC has forecast the IoT market will grow from US$655.8 billion in 2014 to US$1.7 trillion in 2020, representing a compound annual growth rate of 16.9 per cent.

The market in 2020 will largely be made up of devices, connectivity and IT services, which together the IDC has estimated will account for over two-thirds of the worldwide market. Devices (modules/sensors) alone are expected to represent 31.8 per cent of the total market.

By 2020, the IDC also expects that IoT purpose-built platforms, application software, along with “as a service” offerings will capture a larger percentage of revenue.

“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,” Vernon Turner, IDC senior vice president and research fellow (IoT), enterprise systems, commented.

“The ripple effect of IoT is driving traditional business models from IT-enabled business processes to IT-enabled services, and finally to IT-enabled products, which is beginning to disrupt the IT status quo.”

The IDC points out that autonomous connectivity is a key attribute within its definition of the IoT, with the IDC at this point not counting smartphones, tablets or PCs within its IoT forecast.