The worldwide market for the internet of things (IoT) is set to reach $US3.04 trillion by 2020, according to figures published last week by IDC.
The figures, published in a report titled Worldwide Internet of Things 2014-2020 Forecast: Forecast Update and Revenue by Technology Split, show around 30 billion devices are set to be connected to the internet of things by 2020.
Assuming a market value of around $US1.3 trillion in 2013, the figures represent a compound annual growth rate (CAGR) of 13%.
The report also predicts Western Europe and the Asia-Pacific region will outpace North America in terms of IoT revenues and installed base.
ABOUT THE AUTHOR
Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.