The Internet of Things (IoT) and machine-to-machine (M2M) communications market is expected to reach $290 billion by 2017 at a CAGR of 30.1% from 2012 to 2017, said research firm MarketsandMarkets recently.
This market posted revenues of $44 billion in 2011, according to a new report available by the company.
IoT and M2M communication is projected to be the fastest growing technology segments of the IT sector in the next three to five years, with significant potential investments from companies to secure their computing environment.
Asia Pacific and North America are estimated to contribute $92.8 billion and $56.3 billion, respectively, by 2017. These regions are forecast to grow at a CAGR of 33.2% and 28.3%, respectively, from 2012 to 2017.
IoT and M2M communication consists of attaching sensors and devices into everyday objects and things that are connected to the internet through wired and wireless networks. The sensors can be integrated easily in residence, workplaces and public places.