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IoT market spend likely to grow to $1.29 tn in 2020

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Digital technology like Internet of Things (IoT) is poised to transform the way businesses generate and consume data and the worldwide IoT market spend is expected to grow to $1.29 trillion in 2020, says a report.

A key factor driving its adoption is the increasing realisation of the value that IoT brings along with improving the customer experience.

In addition, most businesses today are either at a starting point in their IoT journey or are at some stage considering an IoT deployment which, in turn, will lead to a significant uptrend in the adoption of IoT.

According to an IDC-Aeris report, the worldwide IoT market spend will grow from $625.2 billion in 2015 to $1.29 trillion in 2020, with a compounded annual growth rate (CAGR) of 15.6 per cent.

“Today, IoT has gone way beyond tagging and tracking and has entered diverse domains and is enabling a range of business benefits,” said Rishi Bhatnagar, President of Aeris in India.

Source: http://www.thehindubusinessline.com/info-tech/iot-market-spend-likely-to-grow-to-129-tn-in-2020-report/article9901667.ece

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