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.

Published Wed, Jun 4 2014 12:15 PM CDT   |   Updated Tue, Nov 3 2020 12:16 PM CST

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.

IDC: Internet of Things worldwide market to pass $7 trillion by 2020 | TweakTown.com

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."

Follow on Google News
NEWS SOURCE:idc.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles