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Digital technology like Internet of Things (IoT) is poised to transform the way businesses generate and consume data and the worldwide IoT market spend is expected to grow to $1.29 trillion in 2020, says a report.
A key factor driving its adoption is the increasing realisation of the value that IoT brings along with improving the customer experience.
In addition, most businesses today are either at a starting point in their IoT journey or are at some stage considering an IoT deployment which, in turn, will lead to a significant uptrend in the adoption of IoT.
According to an IDC-Aeris report, the worldwide IoT market spend will grow from $625.2 billion in 2015 to $1.29 trillion in 2020, with a compounded annual growth rate (CAGR) of 15.6 per cent.
“Today, IoT has gone way beyond tagging and tracking and has entered diverse domains and is enabling a range of business benefits,” said Rishi Bhatnagar, President of Aeris in India.
The report further noted that the installed base of IoT end-points will grow to more than 30 billion by 2020, from 12.1 billion at 2015-end.
“As CIOs, IT, and business leaders move towards 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, IDC India.
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