?The debate around the potential Internet of Things market has continued, with IDC predicting there will be 30 billion connected objects by 2020, with the sector worth $3.04 trillion (€2.44 trillion).
A new report from the research firm predicts standards will be essential for the market to realise its potential. It said it was vital for vendors, service providers and systems integrators to work together. Innovation will be driven by start-ups, with the larger players forced to play catch-up, it added.
Researchers said North America has a head start in the market because it can sidestep cross border issues in trying to fuel adoption. However, Western Europe and Asia will catch up by 2020 thanks to government friendly policies for the IoT sector and a more “eco-conscious culture”.
Carrie MacGillivray, Vice President, IoT and Mobile Service & Infrastructure, said: “There will be no one leader in this market. The market will rely on partnerships, federation, and innovative services to create truly valuable IoT solutions.”
The report throws a fresh prediction into the much hyped Internet of Things sector. Ericsson and Huawei are among the companies excited about its potential, with the Swedish vendor predicting 50 billion connections by 2020. Its Chinese rival claims there will be 100 billion connections at the same point.
However, researchers at Gartner have been more sceptical, claiming that the IoT sector has already reached “peak hype”.
A separate report from the firm said the smart home area of the IoT market would have to untangle a “jumble” of competing standards and technologies.
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