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The worldwide Internet-of-Things (IoT) market will grow from USD 625.2 billion in 2015 to USD 1.29 trillion in 2020, with a compound annual growth rate (CAGR) of 15.6 percent, report IDC in association with Aeris.
The report titled 'Technology spotlight' highlighted key factors business leaders should consider when selecting an IoT solution. The installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020, it noted.
Key amongst this is the IoT, which is poised to transform the way businesses generate and consume data while providing insights previously unavailable due to various constraints.
A key factor driving adoption of IoT is the increasing realization of the value that IoT brings along with improving customer experience. Most businesses today are either at a starting point in their IoT journey or are in some stage of considering an IoT deployment.
"Today, IoT has gone way beyond tagging and tracking and has entered diverse domains and is enabling a range of business benefits. Aeris is at the forefront of driving IoT adoption through a unique blend of offerings that help unlock the true enterprise value of IoT," said Dr. Rishi Bhatnagar, president of Aeris in India.
"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. There is broad consensus across industries and roles on IoT playing a major role in delivering better efficiencies, productivity and customer experience", added Arjun Vishwanathan, Associate Director for Emerging Technologies, IDC India.
IDC's technology spotlight assesses the Aeris IoT Services platform, a comprehensive, patented and end-to-end IoT enabler for enterprises, original equipment manufacturers and service providers around the world. IDC outlines the current enterprise trends, with appropriate use cases, to help business leaders make informed decisions about offerings, such as Aeris and its IoT platform that addresses enterprises' needs for a reliable, mobile, flexible, secure and cost-effective IoT solution.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)