IDC: Internet of Things moves beyond the buzz

A transformation is underway that will see the worldwide market for internet of things (IoT) solutions grow from $1.9 trillion (€1.3 trillion) in 2013 to $7.1 trillion in 2020. 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. Consumers continue to experience and embrace IoT in their homes, cars, and in many other aspects of their daily life. Globally, individuals are developing a high affinity for full time connectivity, which makes consumer IoT a compelling proposition. Businesses are intrigued by the efficiencies, business process implications, and revenue opportunities IoT solutions can generate. Developed regions garner the majority of the IoT market, representing approximately 90% of installed units. IDC predicted the worldwide IoT installed base will experience a compound annual growth rate (CAGR) of 17.5 per cent from 2013 to 2020. Increasingly over the forecast period, IDC expects product offerings will be differentiated and competition will generally intensify, particularly around holistic solution offerings that incorporate smart analytics and applications. Article