With 30 billion connected devices, IoT will be a $3 trillion market by 2020, says IDC

[Himanshu Arora]

The Internet of Things (IoT) market was estimated to be worth $1.3 trillion last year, and is projected to grow at a compound annual growth rate of 13 percent to reach $3.04 trillion in 2020 worldwide, according to the latest report from market research firm IDC. The installed and connected base of IoT units will reach approximately 30 billion by that time.

The report also predicts that government mandates and more openly eco-conscious cultures will propel Western Europe and Asia/Pacific to outpace North America in terms of IoT revenues and installed base through 2020.

"The opportunities presented by IoT are driving widespread attention among both traditional and non-traditional ICT vendors looking to take advantage of emerging revenue opportunities", said IDC's Vernon Turner, Senior Vice President, Enterprise Infrastructure, Consumer, Network, Telecom, and IoT Research, adding that IoT represents unparalleled opportunity in government, consumer, and enterprise environments.

For those who are unaware, IoT refers to a network of networks of uniquely identifiable endpoints that communicate without human interaction using IP connectivity. The IoT ecosystem includes intelligent systems, network equipment, connectivity services, data integration, and often other types of software, applications, services, and security.

"There will be no one leader in this market", said Carrie MacGillivray, IDC Vice President, IoT and Mobile Service and Infrastructure, adding that the market will rely on partnerships, federation, and innovative services to create truly valuable IoT solutions.

Back in June this year, IDC had predicted that the global IoT market would hit $7.1 trillion by 2020.

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[DDG4005]

I sense another unicorn being born. Maybe I've become jaded by all this technology but I am damn tired of hearing about the potential of markets that have yet to be realized.

 

[davislane1]

I sense another unicorn being born. Maybe I've become jaded by all this technology but I am damn tired of hearing about the potential of markets that have yet to be realized.

Welcome to the business world. If you're only talking about markets that have already realized their potential, you're a day late and a barrel of money short. Not the position a news blog wants to be in.

 

[amstech]

I sense another unicorn being born. Maybe I've become jaded by all this technology but I am damn tired of hearing about the potential of markets that have yet to be realized.

Agreed.
Inflation is the blue collar excuse for all things and the destroyer of balance in society (among other things like incredible amounts of corruption & greed). However if you look at the last 10 years you will notice countless articles of massive job cuts everywhere.

Number of devices used/purchased is directly tied to consumer wealth.
It doesn't matter how big your watering hole is if there are no animals left to drink it.

Without millions of people to make up for the difference and ridiculous made up inflation costs many of todays company's would be bankrupt or close to it.

 

[dividebyzero]

Considering the vast bulk of connected devices and revenue* will derive from industrial Machine to Machine (M2M) technology, the steady economic metamorphosis from manufacturing to service to indolence is well in hand.

* Assuming of course that the various consortiums (HSA, Intel+IBM etc) can actually agree on a common standard to make it happen of course

 

[captaincranky]

Of course 3 trillion dollars in 2020 dollars will only be worth about 300 billion dollars in today's money, but still an impressive number nonetheless.

Well face it, 3,000,000,000.00 was engineered to be an impressive number. "Holey zeroes Batman, that's a lot of money"!