The next battleground on the internet is on the Internet of Things. The amount of growth expected from this market continues to entice the likes of Google Inc (NASDAQ:GOOGL) and Cisco Systems, Inc. (NASDAQ:CSCO). A new study by research firm International Data Corporation (IDC) indicates the worldwide internet of things market could be worth $1.7 trillion by 2020. The annual growth rate stands at 16.9%.
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Devices connectivity, as well as IT services, should account for a greater chunk of the IoT market by 2020. Google Inc (NASDAQ:GOOGL) and Cisco Systems, Inc. (NASDAQ:CSCO) are already contemplating on how to develop solutions that will have a greater appeal to consumers as the race heats up. Revenues from this solution should account for a greater chunk of companies total earnings by 2020.
The Internet of Things being a network that allows objects to communicate without human interaction is already having a disruptive effect on traditional businesses. The effects can only increase as companies direct more investments to the space all in pursuit of market share. Samsung Vodafone and Intel are among the companies with big investments in the fast-growing industry.
“Last year Google paying more than $3 Billion for Thermostat maker Nest Lab. Samsung shelled out $200 million for software to control everything from door locks to lights switches. Bottom line huge growth is being predicted for the Internet of things,” Reports CNBC
Real opportunities for growth on IoT lie on Enterprise and Public sector markets. How well Google Inc (NASDAQ:GOOGL) and Cisco Systems, Inc. (NASDAQ:CSCO) tackles, solution for these two markets will have a huge a bearing on the amount of success they accrue.
Wearable devices are still expected to act as the consumer face for Internet of things. However, Google Inc (NASDAQ:GOOGL) and Cisco Systems, Inc. (NASDAQ:CSCO) could enjoy substantial growth by developing IoT solutions for healthcare, manufacturing transportation. Fierce competition should be expected in the space as companies look to make their presence felt in as many homes as possible.
Samsung has already fired the first warning shots. The company’s new software for controlling items in homes as well as the lighting system is just a highlight of the kind of solutions that consumers should expect going forward.
The race to tap to the more than $1.7 trillion projected for the IoT market is just but starting as companies look to make it easier for consumers to control everything from the internet.
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