The Internet of Things market will likely become a $1.23 trillion industry 2020.
The analytics firm International Data Corporation has projected hardware to account for around $400 billion of that figure.
General software and services will outpace hardware and spending by that time.
Insurance, retail, and healthcare sectors are also projected to make significant investments in the coming years.
Internet-enabled building management is also expected to help fuel the market.
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Sources: Inside, AndroidHeadlines.com