With the emergence of the digital economy, the global Internet of Things (IoT) market spend will grow from US $625.2 billion in 2015 to $1.29 trillion in 2020 — with a compound annual growth rate (CAGR) of 15.6 per cent, according to a report by International Data Corporation (IDC), in partnership with US-based IoT service provider Aeris.
The report said the installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.
“As CIOs, IT and business leaders move toward transforming their enterprises and expanding their digital footprint, the role of IoT will be a lynchpin for causing disruption and driving transformation,” said Arjun Vishwanathan, Associate Director for Emerging Technologies at IDC India, in a statement.