Internet of Things Market to Triple to $1.7 Trillion by 2020: Report

According to a research firm the International Data Corporation, The international Internet of Things market, the concept of connecting household devices to the Internet, will nearly triple to $1.7 trillion by 2020.

The Internet of Things market, valued at $655.8 billion in 2014, is set to grow at a compounded annual rate of 16.9 percent, IDC said.

“Devices, connectivity, and IT services will make up the majority of the Internet of Things market in 2020,” IDC said. “Together, they are estimated to account for over two-thirds of the worldwide 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 said that it would acquire German network chip maker Lantiq to expand its range of chips used in Internet-connected gadgets, reports Reuters.

Google bought smart thermostat and smoke alarm-maker Nest Labs Inc for $3.2 billion last year and Samsung Electronics acquired U.S. start-up SmartThings, which makes software that helps control everything from door locks to light switches in homes, for $200 million.

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.

Industry also related with Internet of Things market is booming and it is obvious that IoT will play a significant role in our life in 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.