Internet of Things Market Expected to Reach $3.04 Trillion, 30B Connected Things in 2020

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Internet of Things Market Expected to Reach $3.04 Trillion, 30B Connected Things in 2020

By CircleID Reporter
November 10, 2014, 6:08 pm PST Views: 7,089 Add Comment

A newly released Internet of Things ecosystem forecast from International Data Corporation (IDC) attempts to clarify the hardware, software, services, connectivity, and security that make up the evolving Internet of Things (IoT) ecosystem. The worldwide IoT market is forecast to grow from $1.3 trillion in 2013 to $3.04 trillion in 2020 with a compound annual growth rate (CAGR) of 13%. IDC’s view of the IoT ecosystem includes intelligent systems, network equipment, connectivity services, data integration, and often other types of software, applications, services and security.

Additional findings from IDC’s new forecast include the following:

In the IoT market, a collection of vendors, service providers and systems integrators must co-exist and integrate products and solutions to realize success.
The installed and connected base of IoT units will reach approximately 30 billion in 2020.
Startup vendors are working feverishly to carve out their strategies to attack this market and will drive the innovation pace of larger vendors.

By CircleID Reporter — CircleID’s internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us.
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Internet of Things

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