Spending on IoT predicted to reach $1.7 trillion by 2020

If you’re still not convinced that the Internet of Things is a really, really big thing, then consider the latest projections from research firm IDC.

In a series of new reports released this week, IDC said the worldwide market for IoT spending will grow from $655.8 billion in 2014 to $1.7 trillion in 2020. That spending includes devices, connectivity, sensors, platforms, and software.

While consumer gadgets like health bands and smartwatches get a lot of the buzz, IDC said the bulk of the spending will come from the enterprise.

“While wearable devices are the consumer face of the Internet of Things, and where recognition of IoT appears to begin, the real opportunity remains in the enterprise and public sector markets,” said Vernon Turner, an IDC senior vice president and research fellow, in a statement. “The ripple effect of IoT is driving traditional business models from IT-enabled business processes to IT-enabled services and finally to IT-enabled products, which is beginning to disrupt the IT status quo.”