Internet of Things market spend likely to grow to $1.29 trillion by 2020: Report

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

By: PTI | New Delhi | Published:October 12, 2017 4:51 pm
Digital technology like Internet of Things, makert for Internet, market for Internet of things, Business news, India Business news, latest news, “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. (File)

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 USD 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 improving customer experience.

In addition, most businesses on Thursday 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 significant uptrend in the adoption of IoT.

According to an IDC-Aeris report, the worldwide IoT market spend will grow from USD 625.2 billion in 2015 to USD 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.

The report further noted that the installed base of IoT end points will grow to more than 30 billion by 2020, from 12.1 billion at 2015-end.

“As CIOs, IT, and business leaders move towards transforming their enterprises and expanding their digital footprint, the role of IoT will be a lynchpin for causing disruption and driving transformation,” said Arjun Vishwanathan, Associate Director for Emerging Technologies, IDC India.

Video of the day

For all the latest Business News, download Indian Express App

    Live Cricket Scores & Results