Research firm IDC expects the Internet of Things (IoT) market to grow at a staggering pace and eventually reach $7.1 trillion by the end of the decade.
As always, most of the growth will come from developed countries, but if the mobile revolution has taught us anything, we should expect fast growth in emerging economies, too.
IDC puts the global IoT market in 2013 at $1.9 trillion and 90 percent of it is in developed countries. IDC expects a CAGR of 17.5 percent from 2013 to 2020.
"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," said Carrie MacGillivry, program vice president, mobile services, IoT, and network infrastructure at IDC.
The IoT market is attracting a lot of attention from chipmakers and major tech outfits like Google, Microsoft and Apple. No clear leader has emerged and the market is evolving fast.