IoT solutions to grow from $1.9 trillion in 2013 to $7.1 trillion in 2020: IDC

Internet of Things (IoT) solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020, said IDC.

The growth is in the wake of consumers’ aspirations to experience IoT in their homes, cars, etc.

In addition, individuals’ demand for full-time connectivity will also fuel the growth of IoT.

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 percent of installed units, said IDC.

Worldwide IoT Installed Base will experience a compound annual growth rate (CAGR) of 17.5 percent from 2013 to 2020.

IDC expects product offerings will be differentiated and competition will generally intensify, particularly around holistic solution offerings that incorporate smart analytics and applications.