The global Internet of Things (IoT) market is projected to grow at a CAGR of 13% to $3.04 trillion in 2020, growing from $1.3 trillion in 2013.
According to IDC’s ‘Worldwide Internet of Things 2014-2020 Forecast: Forecast Update and Revenue by Technology Split’ report, the growth will be mainly fuelled by the adoption of internet connected devices, which are set to reach 30 billion by the forecast period.
IDC Enterprise Infrastructure, Consumer, Network, Telecom and IoT Research senior vice president Vernon Turner said: "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.
"We’re still in the early stages of maturation and IoT represents unparalleled opportunity in government, consumer, and enterprise environments."
The report adds that government authorisations and other openly eco-conscious cultures will further fuel Western Europe and Asia/Pacific, which is projected to surpass North America in terms of IoT revenues and deployed base all the way through 2020.
IDC IoT and Mobile Service & Infrastructure vice president Carrie MacGillivray said: "There will be no one leader in this market. The market will rely on partnerships, federation, and innovative services to create truly valuable IoT solutions."
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