By 2020, Internet of Things Will Create $1.9 Trillion of Economic Value Add
In 2020, Over 30 Billion Connected Devices Will Be In Use
With the digital world upon us, digitalization will significantly change the technology market through the Internet of Things, according to Gartner, Inc. While IT spending in Europe, the Middle East and Africa (EMEA) will show an average annual growth rate of 2.2 percent through 2017, the Internet of Things (things, people, places and systems) will create new markets and a new economy.
"The traditional IT market is not going to grow at a faster rate any time soon, if ever. Increased growth will come from the non-traditional IT market," said Peter Sondergaard, senior vice president at Gartner and global head of Research. "While in 2015 the combined IT and telecom market will hit nearly $4 trillion, the incremental revenue generated by the Internet of Things' suppliers* is estimated to reach $309 billion per year by 2020.