IDC has predicted in its study titled Worldwide and Regional Internet of Things Forecast 2014-2020, that the Internet of Things market will cross $7.1 trillion market by the year 2020.
Presently the market is at $1.9 trillion and more than 90 percent of the market share is in the developed countries of the world. IDC has predicted that this growth will be powered by business world.
It is this market potential that has driven the top two technology players in the world i.e Apple and Google to focus on acquiring companies working on Internet of Things.
Google had announced in January that it was acquiring connected home devices Nest and last week there were strong rumors that Google was thinking of buying Dropcam a home security camera maker.
Apple has also unveiled the home automation features in its new operating systems at the WWDC.