Skip to main content

Internet of Things Solution Market will Reach $7.1 Trillion

The Internet of Things (IoT) market momentum has grown steadily and the upside promise is slowly becoming a reality. According to a market study by International Data Corporation (IDC), a transformation is underway that will see the worldwide market for IoT solutions grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.

IDC defines the Internet of Things as a network of networks of uniquely identifiable endpoints (or things) that communicate without human interaction using Internet Protocol (IP) connectivity – be it locally or globally.

Globally, informed people are developing a high affinity for full-time online connectivity, which makes consumer IoT a compelling value proposition. Meanwhile, enterprise leaders are intrigued by the efficiencies, business process implications, and revenue opportunities that IoT solutions can generate over time.

"Businesses are taking the necessary steps to gain a deeper understanding of IoT and the overall value," said Vernon Turner, senior vice president at IDC. "Technology vendors are evolving their solutions in a supply-driven market that's edging toward becoming a more demand-driven market."


The worldwide IoT market is exploding, and IDC's research examines the full breadth of the IoT ecosystem -- including intelligent and embedded systems shipments, connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services.

IoT solutions are at the heart of IDC's view of the 3rd Platform and the four pillars -- mobility, social business, big data/analytics, and cloud -- resulting in millions of applications available to billions of end points.

Other findings from the market study include:

  • Developed regions garner the majority of the IoT market, representing approximately 90 percent of installed units.
  • Worldwide IoT Installed Base will experience a compound annual growth rate (CAGR) of 17.5 percent from 2013 to 2020.
  • Increasingly over the forecast period, IDC expects product offerings will be differentiated and competition will generally intensify, particularly around holistic solution offerings that incorporate smart analytics and applications.

Popular posts from this blog

Demand for Quantum Computing as a Service

The enterprise demand for quantum computing is still in its early stages, growing slowly. As the technology becomes more usable, we may see demand evolve beyond scientific applications. The global quantum computing market is forecast to grow from $1.1 billion in 2022 to $7.6 billion in 2027, according to the latest worldwide market study by International Data Corporation (IDC). That's a five-year compound annual growth rate (CAGR) of 48.1 percent. The forecast includes base Quantum Computing as a Service, as well as enabling and adjacent Quantum Computing as a Service. However, this updated forecast is considerably lower than IDC's previous quantum computing forecast, which was published in 2021, due to lower demand globally. Quantum Computing Market Development In the interim, customer spend for quantum computing has been negatively impacted by several factors, including: slower than expected advances in quantum hardware development, which have delayed potential return on inve

AI Semiconductor Revenue will Reach $119.4B

The Chief Information Officer (CIO) and/or the Chief Technology Officer (CTO) will guide Generative AI initiatives within the large enterprise C-Suite. They may already have the technical expertise and experience to understand the capabilities and limitations of Gen AI. They also have the authority and budget to make the necessary investments in infrastructure and talent to support Gen AI initiatives. Enterprise AI infrastructure is proven to be expensive to build, operate and maintain. That's why public cloud service provider solutions are often used for new AI use cases. AI Semiconductor Market Development Semiconductors designed to execute Artificial Intelligence (AI) workloads will represent a $53.4 billion revenue opportunity for the global semiconductor industry in 2023, an increase of 20.9 percent from 2022, according to the latest worldwide market study by Gartner. "The developments in generative AI and the increasing use of a wide range AI-based applications in data c

Industrial Cloud Computing Apps Gain Momentum

In the manufacturing industry, cloud computing can help leaders improve their production efficiency by providing them with real-time data about their operations. This has gained the attention of the C-suite. Total forecast Industrial Cloud platform revenue in manufacturing will surpass $300 billion by 2033 with a CAGR of 22.57 percent, driven by solution providers enhancing platform interoperability while expanding partner ecosystems for application development. ABI Research found the cloud computing manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and interoperability for manufacturers looking to maximize utility from their data. Industrial Cloud Computing Market Development "Historically, manufacturers have built out their infrastructure to include expensive data housing in the form of on-premises servers. The large initial upfront cost of purchasing, setting up, and maintaining these servers is