The latest report released by research and analytics company IDC has put the global market for Internet of Things (IoT) solutions at about US $7.1 trillion by the end of the decade. The new report is a huge jump from what other companies including Cisco, and even IDC itself had predicted in the past.
IDC had in its report, ‘Worldwide and Regional Internet of Things (IoT) 2014-2020 Forecast: A Virtuous Circle of Proven Value and Demand’ released last October, valued the market at just $1.9 trillion.
The new report, ‘Worldwide and Regional Internet of Things (IoT) 2014–2020 Forecast: A Virtuous Circle of Proven Value and Demand’, however, said the market could well go over $7 trillion.
IDA has explained that the full breadth of the IoT ecosystem revenue has been put forth in the revenue forecast, encompassing revenue from the IoT system shipments themselves as well as revenue from connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services attributable to the base of installed IoT systems. The study has discussed the key themes contributing to and characterizing the worldwide and regional growth of the IoT.
“Despite the Internet of Things being a relatively new construct around the world for businesses and consumers alike, IDC research confirms the awareness of the value of IoT solutions is increasingly being recognized as transformative to business, governments, and consumers and the way each party experiences, operates, and innovates in the world. Visible trials and early implementations create a virtuous circle,” said Carrie MacGillivray, program Vice President, Mobile Services, IoT, and Infrastructure. “From smart meters and operational and cost efficiencies to smart buildings and smart home systems, end users are able to see and feel the tangible benefits of IoT. This will spur increased demand for IoT solutions around the world.”
Image Credit: IDC
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