We're becoming an increasingly connected society, and before you know it, even your toaster will deliver relevant news and sports scores scorched onto your morning bagel (maybe not, but wouldn't that be cool?). Growth around the Internet of Things (IoT) has been steady the past few years, though at least one firm believes it's getting ready to balloon in a big way. Market research firm IDC believes the market for IoT solutions will grow from $1.9 trilling in 2013 to $7.1 trillion in 2020.
To be clear, IDC defines the IoT as a network of networks of uniquely identifiable endpoints (or "things") that communicate without human interaction using IP connectivity -- be it locally or globally. With that definition in hand, IDC says consumers continue to adopt IoT in their homes, cars, and other aspects of daily life.
"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 MacGillivray, Program Vice President, Mobile Services, IoT, and Network Infrastructure at IDC. "IoT solutions are at the heart of IDC's view of the 3rd Platform and the four pillars — mobility, social business, big data/analytics, and cloud — resulting in millions of applications available to billions of end points."
IDC believes IoT product offerings will be increasingly differentiated over the coming years, leading to intensified competition. This will be especially true around holistic solutions that embrace smart analytics and applications, IDC says.