Internet of things to be worth trillions

Bee swarm - Wikimedia CommonsGrowth in the internet of things (IoT) could be worth as much as $1.7 trillion by 2020, according to a recent survey by market research firm IDC.

Worth $655.8 billion last year, spending by vendors and enterprises is set to proceed at a compound annual growth rate (CAGR) of 16.9 percent in the next few years.

IDC believes that devices, connectivity and IT services will represent over two thirds of the IoT market in 2020, with modules and censors alone accounting for nearly a third of the total.

The IoT is a catch-all for technologies that include sensors, purpose built systems, storage, servers, security, analytics software, IT services and security, according to IDC’s definition.

The important thing is that systems have to be autonomous, so IDC is not counting smartphones, tablets or PCs for its predictions.

Yet, and it is a point IDC does not make, it is like the Wild West out there and there’s little or no standardisation at the moment.