An International Data Corp. report projects the Internet of Things market to grow by the end of 2020 at a 16.9 percent compound annual growth rate and generate a total worldwide revenue of $1.7 trillion.
IDC said Tuesday that devices, connectivity and information technology services are projected to account for more than two-thirds of the global market share in 2020.
The research firm defines IoT as a network of endpoint systems that are designed to communicate with each other through Internet protocol channels.
“While wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets,” said Vernon Turner, senior vice president of IDC’s enterprise systems business.
IDC also offers a guide for vendors to identify new opportunities in IoT-based smart appliances, remote health management tools, connected vehicles, digital signage, and air traffic monitoring systems.