With the emergence of digital economy, the global Internet of Things (IoT) market spend will grow from $625.2 billion in 2015 to $1.29 trillion in 2020, with a compound annual growth rate (CAGR) of 15.6 per cent, a report revealed on Oct 12.
According to International Data Corporation (IDC), in partnership with US-based IoT service provider Aeris, 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 broad consensus across industries on IoT playing a major role in delivering better efficiencies, productivity and customer experience," Vishwanathan added.
The report said that increasing realisation of the value that IoT brings with improving customer experience is the key factor for the rising adoption of the technology.
"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," added 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 noted.