Internet of things worth trillions by 2020

Internet of ThingsA forecast from the International Data Corporation (IDC) is predicting that the market for internet of things (IoT) elements will be worth $3.04 trillion in 2020, up from $1.3 trillion now.

IDC includes elements including hardware, software, services, connectivity and security in its report, and defines the IoT as a network of networks of uniquely identifiable nodes that communicate without people using IP (internet protocol) connectivity.

While the US market has taken the lead in the IoT, it will be outstripped by Western Europe and Asia Pacific in revenues and installed base as the decade continues.

IDC believes no one vendor will dominate the market but growth will depend on the coexistence of different vendors, service providers and system integrators to work to broadly similar standards.

The number of individual nodes worldwide is likely to be around 30 billion devices by 2020 and startups are going to be important as the IoT develops.