Internet of Things will be a $7 Trillion Industry by 2020

The buzz around the connected home is about to turn into bucks.

Research and analytics company IDC has been crunching the numbers and measuring sentiment and believes that the global market for Internet of Things (IoT) solutions could be worth as much as $7.1 trillion by the end of the decade.

That’s a massive jump considering the company’s latest report into the area, “Worldwide and Regional Internet of Things (IoT) 2014-2020 Forecast: A Virtuous Circle of Proven Value and Demand” valued the market at just $1.9 trillion at the end of last year.

Consumers are increasingly coming into contact with connected and smart devices in their daily lives — whether it be in their cars, in the home, or at work. And because, thanks to the smartphone, full-time connectivity is becoming a way of life, the IoT is becoming a more and more compelling proposition.