With the emergence of the digital economy, the global internet of things (IoT) market will grow to $ 1,290 billion by 2020, which was $ 625.2 billion in 2015. This information was given in a report. The (IDC) has prepared this report in collaboration with the US IoT service provider Eris.
According to this report, the installation of IoT Endpoint was 12.1 billion by the end of the base year 2015, which will increase to 30 billion by 2020, while the annual growth rate (CAGR) will be 15.6 percent.
Arjun Vishwanathan, co-director (emerging technology), IDC India, said in a statement: IT and business leadership are transforming their business and expanding their digital footprints. It is a broad consensus in the industry that IoT is playing a key role in better efficiency, productivity and customer experience.
Viswanathan said, “There is a comprehensive agreement in all industries on IoT which plays a major role in providing better competencies, productivity and customer experience.”
In this report, it has been said that IoT also enhances the experience of the customers along with the value addition, so this technique is being adopted rapidly. Dr. Rishi Bhatnagar, President of Eiris said that when you talk about increasing the customer’s lifetime value or want to bring about a change in business for a better customer experience, IoT technology plays an important role in it.