The IoT market continues to see strong growth and according to the IDC-Aeris report, the worldwide IoT market spend will grow from $625.2 billion in 2015 to $1.29 trillion in 2020, with a compound annual growth rate (CAGR) of 15.6 percent. The installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.
A key factor driving adoption of IoT is the increasing realization of the value that IoT brings along with improving customer experience. Most businesses today are either at a starting point in their IoT journey or are in some stage of considering an IoT deployment, said report.
“The disruptive impact of digital technologies and the transformation they bring is being felt across organizations and industries worldwide, leading to the emergence of the “Digital Economy.” Key amongst this is the Internet of Things (IoT). IoT is poised to transform the way businesses generate and consume data while providing insights previously unavailable due to various constraints,” said a statement.