With the digital world upon us, digitalization will significantly change the technology market through the Internet of Things, according to Gartner. While IT spending in Europe, EMEA will show an average annual growth rate of 2.2 percent through 2017, the Internet of Things (things, people, places and systems) will create new markets and a new economy.
“The traditional IT market is not going to grow at a faster rate any time soon, if ever. Increased growth will come from the non-traditional IT market,” said Peter Sondergaard, senior vice president at Gartner and global head of Research. “While in 2015 the combined IT and telecom market will hit nearly $4 trillion, the incremental revenue generated by the Internet of Things’ suppliers* is estimated to reach $309 billion per year by 2020. Half of this activity will be new start-ups and 80 percent will be in services rather than in products. The Internet of Things is a strategically important market. It will accelerate fast and will drive both revenue and cost efficiencies.”
Gartner analysts are examining the future of the digital world in front of an audience of more than 4,800 CIOs and IT leaders at Gartner Symposium/ITxpo 2013, which is taking place in Barcelona through November 14.