The Internet of Things (IoT) market is set to smash the $7tn (£4.24tn) barrier by 2020, according to IDC, which claims competition between tech vendors is beginning to heat up.
At the end of last year the market was worth just $1.3tn, IDC said, but thanks to a predicted compound annual growth rate (CAGR) of 17.5 per cent over the next six years, the market is forecast to reach $7.1tn.
IDC said the "endless market promise" is becoming a reality.
"Businesses are taking the necessary steps to gain a deeper understanding of IoT and the overall value," said Vernon Turner, senior vice president at IDC. "Technology vendors are evolving their solutions in a supply-driven market that's edging towards becoming a more demand-driven market."
Developed regions will reap the benefits from the growing trend, with 90 per cent of installed units coming from mature markets.
The explosive IoT growth will drive vendors to become more aggressive in the market, IDC added.
"Increasingly over the forecast period, IDC expects product offerings will be differentiated and competition will generally intensify, particularly around holistic solution offerings that incorporate smart analytics and applications," it said.
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