The growth in the IoT market is a result of the world flocking to full-time connectivity. However, it is important to note that this growth is not solely coming from the consumer end market, but also trending in businesses fascinated by the new thriving technology. Firms are delving into the IoT market to obtain a greater understanding of a relatively nascent market and its value.
The International Data Corporation (IDC) places the global IoT market cap at $1.9 Trillion. It forecasts that the IoT market cap will grow by more than $5 Trillion by 2020, reaching a market cap of $7.1 Trillion at the end of the decade.
The first wave of growth has arguably already occurred, consisting of networked consumer electronics. A second wave will bring about networked industries and a third, final wave, will transform society into a networked society where everything is connected.
At present, the IoT market is supply-driven with aims to become more demand-driven. It will count billions of connected devices around the globe of so-called “third platform” technologies. The global IoT market is exploding with some key players vying for dominance over the IoT market as internet-enabled technology reaches homes transforming them into smart homes.