The global Internet of Things (IoT) market will hit $7.1trn by 2020, as people around the world develop an affinity for full-time connectivity, according to a report by IT analytics firm, IDC.
The report, titled ‘Worldwide Internet of Things (IoT) 2013–2020 Forecast: Billions of Things, Trillions of Dollars’ also revealed that the IoT market will grow by $5trn over the next six years.
In 2013, the global IoT market stood at around $1.9trn, according to IDC's figures. Around 90 percent of all IoT devices are being installed in the world’s developed regions.
According to IDC’s senior vice president of enterprise infrastructure, consumer, network, telecom and sustainability research, Vernon Turner, the interest in IoT stems from both the consumer and the business markets. Businesses appear intrigued by the efficiencies, business process implications and revenue opportunities IoT solutions can generate. ‘Technology vendors are evolving their solutions in a supply-driven market that's edging toward becoming a more demand-driven market,’ Turner said.
The study found that the global IoT install base will grow 15.5 percent annually from 2013 to 2020, and will include billions of ‘third platform’ technologies, including mobile, social networking, cloud infrastructure and Big Data analytics technology.
‘The worldwide IoT market is exploding, and IDC's research examines the full breadth of the IoT ecosystem, including intelligent and embedded systems shipments, connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services,’ said Carrie MacGillivry, program vice president, mobile services, IoT, and network infrastructure at IDC.
Apple and Google are both vying for supremacy in the IoT market, with Apple's iOS8 including HomeKit for managing technology in the home as well as HealthKit for wearable devices and healthcare, and Google who has acquired several robotics companies, and partnering with others. Samsung are also seeking a share in the market with the use of the Tizen operating system - designed for use in every day objects - on their new Samsung Z model.