As MMW has routinely reported in recent months, the rise of Internet of Things (IoT) solutions will translate into billions of dollars of IT opportunity for vertical-solution focused vendors.
The Internet of Things (IoT), which excludes PCs, tablets and smartphones, will grow to 26 billion units installed in 2020. If that happens, it will represent an almost 30-fold increase from 0.9 billion in 2009.
While the interest and buzz around the Internet of Things (IoT) has grown steadily in recent years, IDC noted this week, the seemingly endless market promise continues to become reality.
According to new research from International Data Corporation, a transformation is underway that will see the worldwide market for IoT solutions grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
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 – 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,” IDC says. “Globally, individuals are developing a high affinity for full-time connectivity, which makes consumer IoT a compelling proposition. Businesses are intrigued by the efficiencies, business process implications, and revenue opportunities IoT solutions can generate.”