Opportunity abounds in the global Internet of Things (IoT) market, which is poised for steep growth in the period to 2020, according to the International Data Corporation (IDC).The worldwide IoT market is forecast to grow from US$1.3 trillion in 2013 to US$3.04 trillion in 2020 with a compound annual growth rate of 13 per cent, the IDC found, comprising approximately 30 billion connected “things”.
The IDC stated its view of the IoT ecosystem includes intelligent systems, network equipment, connectivity services, data integration, and often other types of software, applications, services and security.
Moving “beyond the hype and promise”, the IDC expects a variety of vendor strategies and key players to emerge in the market.
Startup vendors “working feverishly to carve out their strategies” will drive the innovation pace of larger vendors.
“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,” commented Vernon Turner, IDC Enterprise Infrastructure, Consumer, Network, Telecom and IoT Research senior vice president.
“We’re still in the early stages of maturation and IoT represents unparalleled opportunity in government, consumer, and enterprise environments.”
Carrie MacGillivray, IDC IoT and Mobile Service & Infrastructure vice president, noted “there will be no one leader” in the market.
“The market will rely on partnerships, federation, and innovative services to create truly valuable IoT solutions,” MacGillivray commented.
The IDC additionally found the homogeneity of connectivity needs has allowed the North American market to sidestep border-driven IoT adoption challenges, setting the groundwork for IoT market growth, with government mandates and more openly eco-conscious cultures to see Western Europe and the Asia Pacific outpace North America in terms of IoT revenues and installed base through 2020.