Global IoT Market To Shoot Up To $1.29 Tn By 2020: IDC
Digital technology is changing the businesses are done today. Technologies like the Internet of Things (IoT) is redefining the way firms are generating and consuming data with the global IoT market shooting from $625.2 billion in 2015 to $1.29 trillion in 2020- with the compound annual growth rate (CAGR) of 15.6 percent, states an IDC-Aeris report.
As per the report, the installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.
“As CIOs, IT and business leaders move toward 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 at IDC India, in a statement. “There is a broad consensus across industries on IoT playing a major role in delivering better efficiencies, productivity and customer experience,” Vishwanathan added.
Now, with many taking cognizances of the value that IoT brings with improving customer experience is the key reason for the adoption of the technology, noted the study.
“When you talk about enhancing customer lifetime value, smoothening customer onboarding or even making it easier for businesses to deliver sophisticated customer experiences, IoT technologies lead the way,” said Dr. Rishi Bhatnagar, President of Aeris in India.
“Today, IoT has gone way beyond tagging and tracking, and has entered diverse domains and is enabling a range of business benefits,” Bhatnagar highlights.
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