TweakTown
Tech content trusted by users in North America and around the world
5,924 Reviews & Articles | 38,171 News Posts

IDC: Internet of Things worldwide market to pass $7 trillion by 2020

The Internet of Things (IoT) is continuing to grow, and will be a $7 trillion market by 2020, according to research firm IDC

| Internet & Websites News | Posted: Jun 4, 2014 5:15 pm

A transformation is currently underway that will lead the Internet of Things (IoT) to grow from $1.9 trillion in 2013 up to $7.1 trillion in 2020. Consumers are becoming more familiar with IoT, as homes, cars, and other products utilize full-time connectivity to offer enhanced services. Not surprisingly, developed regions garner 90 percent of installed units, and a compound annual growth rate (CAGR) of 17.5 percent is expected through 2020.

 

TweakTown image news/3/8/38232_01_idc_internet_of_things_worldwide_market_to_pass_7_trillion_by_2020.jpg

 

Overally, the IoT industry was boosted by venture capitalists in 2013 to the tune of $1 billion, according to CB Insights. However, as the industry grows in the years to come, business security will also be forced to evolve, with new 'bring your own device' employees posing a continued danger in the workplace.

 

"Businesses are taking the necessary steps to gain a deeper understanding of IoT and the overall value," said Vernon Turner, an IDC senior vice president, in a press statement. "Technology vendors are evolving their solutions in a supply-driven market that's edging toward becoming a more demand-driven market."

NEWS SOURCES:Idc.com

Related Tags

Further Reading: Read and find more Internet & Websites news at our Internet & Websites news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

TweakTown Web Poll

Question: Facebook's acquisition of Oculus VR will...

Improve Oculus Rift Development

Hamper Oculus Rift Development

Completely destroy Oculus Rift Development

Let's wait and see, I'm not sure

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases