THE GLOBAL market for the so-called internet of things, a growing network of household devices that can be controlled through your smartphone, is expected to balloon to a value of over $7 trillion (£4.2 trillion) by 2020, according to the International Data Corporation.
The IDC believes that market revenues could be expected to grow by a compound annual growth rate of 20 per cent by 2020.
The number of devices using internet connections is set to grow from 9.1bn last year to 28.1bn by the end of the decade, it added.
Firms around the world are developing smart homes, cars and other gadgets, and IDC said 90 per cent of the devices already installed are in developed economies.
“Pervasive broadband and a culture of governmental support and innovation are major drivers,” it said. Concerns over privacy and security and lack of established standards were some of the key challenges highlighted by IDC.