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Internet of Things (IoT): Huge Growth Forecast Especially for the Enterprise
The Internet of Things (IoT) market is expected to triple in size and reach $1.7 trillion by 2020, estimates research group IDC. The IoT market size for 2014 was estimated to be on the order of $650 billion. The growth rate of the market over the next five years is forecast as nearly 17 percent annually.
The number of IoT endpoints, like sensors on meters and connected cars and appliances will grow to nearly 30 billion by 2020 from roughly 10.3 billion in 2014.
The IDC report said that “devices, connectivity, and IT services will make up the majority of the IoT market in 2020. Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020…”
Vernon Turner, senior vice president at IDC, said that “while wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets. The ripple effect of IoT is driving traditional business models from IT-enabled business processes to IT-enabled services and finally to IT-enabled products, which is beginning to disrupt the IT status quo.”
The growth in the market is being fueled by a combination of factors. First off, technology is improving rapidly, and that has led to a decline in prices for sensors, connectivity and data processing power. Finally, the data analytics software needed to make sense of all the data collected has improved considerably.
By 2020 expect the IoT market to be heavily weighted towards purpose-built platforms, application software, and “as a service” offerings.
