Technology Snowballs: IoT Market Size to Triple to $1.7 Trillion by 2020

According to the International Data Corporation, the international market for Internet of Things, will nearly triple to $1.7 trillion by 2020.

The IoT market which was valued at $655.8 billion in 2014, is predicted to evolve at a  compounded annual rate of 16.9% as per IDC. It said, “Devices, connectivity, and IT services will make up the majority of the IoT market in 2020.”

Tech giants like Google Inc, Intel Corp, Samsung, Intel Corp, and telecom majors like Vodafone and Verizon are trying their best to explore the possibilities of IoT optimally. These companies are betting heavily on Internet device-connected homes for future revenue and profit.

In February this year, Intel declared that it would acquire German network chip maker Lantiq to expand its range of chips used in Internet-connected gadgets, reports Reuters.

Last year itself, Google had acquired Nest Labs Inc for $3.2 Billion, and now it has rolled out Brillo which is predicted to be one of the most important contributions of Google in the domain of IoT.

Similarly, Samsung Electronics acquired U.S. start-up SmartThings for $200 million, a company known for developing software that helps control everything from door locks to light switches in homes.

The Internet of Things is going to transform the everyday physical objects that surround us into an ecosystem of information that will enrich our lives. From refrigerators to Television to parking spaces to houses, the IoT would bringing more and more things into the digital fold, which will, as expected, make the IoT a multi-trillion dollar industry in the near future. However, currently, the application of IoT is still majorly restricted to its promotional phase. It is yet to move past the workshop stage and advance to our everyday life.