Navigant Research forecast: IoT market to reach $500M by 2020

The U.S. Internet of Things market is projected to reach 1.6 million customers by 2020, according to a report by technology-focused market research and consulting firm Navigant Research.

The report estimates that the addressable market for IoT will encompass 1.6 million customers in 2020, representing a $500 million market; this market will include 70,000 customers in pilot-scale utility of IoT engagement, representing a $50 million market.

With this rapid growth in mind, Navigant Research suggests businesses develop, acquire or partner to offer IoT-enabled managed services.

"IoT is not one device or technology but a platform of data collection devices, secure data networks, software and services that delivers actionable insight," said Casey Talon, principal research analyst with Navigant Research. "If utilities seize the opportunity, they can leverage this to enhance customer offerings and increase customer engagement."

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