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The IoT market is expected to grow rapidly. IDC estimates that it currently is growing at a rate of 13 percent annually, growing from a value greater than $1.3 trillion this year to more than $3.04 trillion in 2020. Today there are roughly 9 billion IoT devices installed, and by 2020 that number is expected to rise to 28 billion.
But a challenge has to do with how IoT and mobile device data can be effectively used. IBM estimates that 90 percent of the data generated by IoT/mobile devices is never analyzed or acted on. Much of the data is realtime and estimates are that 60 percent of this kind of data begins to lose data within just milliseconds after being created.
Bob Picciano, senior vice president of IBM Analytics, said that “our knowledge of the world grows with every connected sensor and device, but too often we are not acting on it, even when we know we can ensure a better result… [IoT] is a rich and broad-based opportunity where innovation matters.”
A statement from IBM said that up until now the IoT market has been relatively small because it has been too expensive for businesses to tap into. Developments in cloud, mobile and APIs are expected to lower the cost of entry and enable growth in the market to explode.