IoT market to be worth $500 million in 2020

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A report by a research company is predicting that the internet of things (IoT) revenues will soar to be worth $ 500 million in 2020 in the USA alone.

Navigant Research which created the forecast, said that the IoT market covers not just only devices but includes secure data networks, software and services. Casey Talon, a principal research analyst at Navigant said: “If utilities seize the opportunity, they can leverage this to enhance customer offerings and increase customer engagement.”

By this, Talon is suggesting that utilities haven’t got their act together yet and should get on with developing, acquiring or making partnerships so that they can provide IoT enabled managed services.

He said that IoT in the utility field has the ability to give customers manage their energy independent from their utility company and that means re-thinking of business models to grab market share.

Talon estimates too that by 2020 there will be 1.7 million customers for IoT offerings.