IDC: IoT Market Will Be Worth $1.7 Trillion by 2020

The market researchers at IDC have released a new report predicting that the Internet of Things (IoT) market will be worth $1.7 trillion by 2020. Devices such as modules and sensors will account for 31.8 percent of that revenue, and devices, connectivity and IT services together will make up about two-thirds of the total.

“It is still a very nascent market–there are lots of companies chasing the huge opportunity, but again from two distinct sides. There are those from industry and those from IT, and both sides realize that whoever creates an IoT platform to manage the devices?and the data could have significant market leadership,” Vernon Turner, senior vice president and research fellow for IoT at IDC, said. “To that end, we see PTC, GE, and Schneider Electric as leaders on the industry side, and of course IBM, SAP, and Hitachi Data Systems on the IT side.”

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