Internet of Things Revenue to Reach More Than $3 Trillion in 2020, IDC Projects

The Internet of Things market is expected to grow from $1.3 trillion in 2013 to $3.04 trillion in 2020, said International Data Corp. in a Friday news release. As this market, defined as a network of identifiable endpoints communicating through connectivity, continues to emerge, a variety of vendor strategies and key players will emerge to meet customers' needs as well as grow "new revenue streams from this net new market opportunity,” IDC said. In this market, vendors, service providers and systems integrators “must co-exist and integrate products and solutions to realize success,” IDC said. IDC's findings were released in its Worldwide and Regional Internet of Things Forecast Update, it said.