‘Internet of Things’ market will be worth $1423.09 billion by 2020, says research report

Markets and MarketsAccording to a new market research report published by MarketsandMarkets, the value of the “Internet of Things” market was worth $1,029.5 billion in 2013, and is expected to reach $1,423.09 billion by 2020, at an estimated CAGR of 4.08% from 2014 to 2020.

The report, entitled, Internet Of Things Application & Technology Market by Communication Technology (ZigBee, Z-Wave, Bluetooth, Wi-Fi, NFC, RFID), Application Vertical (Building Automation, Consumer, Wearable Electronics, Industrial, Automotive & Transportation, Agriculture) & Geography – Global Trends & Forecasts to 2014 – 2020, includes more than 149 market data tables with 68 figures spread through 452 pages, according to a press release issued by MarketsandMarkets.

The term “Internet of Things,” from its early introduction in 1990’s by Mark Weiser, has evolved enormously, and now it has taken center stage, says the release. “Internet of Things” was the theme of the Consumer Electronics Show (CES) in 2014, which was held in Las Vegas last January.Over the next decade, “Internet of Things”, or IOT, is expected to transform our world.

With new technological inventions and its seamless integration in our day to day lives, it is evident that Internet of Things concept is already laying down the foundation for a promising future. Few trends in technology and application are acting particularly as future IoT enablers which may help in shaping the future of the IoT. Some of these critical technology trends which are expected to have a huge impact on IoT evolution are IPV6, sensor proliferation, cloud computing, Big Data, and faster communication standards, such as 4G-LTE and beyond, said MarketsandMarkets.

The Internet of Things application and technology market has revolutionized the consumer application industry. Various other IoT applications are also evolving and will further drive opportunities for many industry players across the vast IoT ecosystem.

The detailed segmentation by applications included in the report covers all the major smart devices used in Internet of Things, such as smart thermostats, meters, plugs, hubs, locks, and many more. The major IoT application segments that have been extensively covered in the report are building automation, industrial, consumer, wearable electronics, automotive and transportation, and agriculture.

Besides, major wired and wireless communication technologies, protocols, and standards have been discussed in the report. The geographical segmentation section gives the Internet of Things market for various geographical regions, namely, Americas, EMEA and APAC.