Internet of Things market to triple to $1.7 trillion by 2020: IDC

The global market for "Internet of Things", the concept of connecting household devices to the Internet, will nearly triple to $1.7 trillion by 2020, research firm International Data Corp said.

The IoT market, valued at $655.8 billion in 2014, is set to grow at a compounded annual rate of 16.9 percent, IDC said on Tuesday.

"Devices, connectivity, and IT services will make up the majority of the IoT market in 2020," IDC said. "Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020..."

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