IDC forecasts that the worldwide IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020, with a compound annual growth rate of 16.9%. This growth will be dominated by the manufacture of devices, and investment in connectivity and IT services. IDC also predicts purpose-built platforms, application software, and as-a-service offerings will capture a larger percentage of the market by 2020. While the IoT managed services market is estimated to grow from USD 21.85 billion in 2016 to USD 79.60 billion by 2021, at a compound annual growth rate of 29.5% during the period 2016–2021, according to a research by MarketsandMarkets research firm.

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Smarter, cheaper and always-on devices keep us connected. This includes everything from tiny, low-power sensors to video cameras, actuators and industrial machinery. The sensors and microchips that define Internet of Things (IoT) capture, monitor and share myriad types of data. As the numbers of these smart sensors increase, the amount of information they produce explodes.

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