If you’ve been paying attention to the rise of Amazon’s fast-selling Echo voice command device, what you’ve really been watching is the Internet of Things catch even greater traction within the consumer market. This connected devices category saw an earlier boost with the introduction of Nest Labs’ learning thermostat in 2011—a company that was later scooped up by Google for $3.2 billion. And, according to multiple reports, the market is only going to get bigger from here.
The Internet of Things will be the topic of BostInno’s second State of Innovation meetup on Wednesday night at LogMeIn’s new 333 Summer St. office in Boston—and for good reason. According to research firm IDC, the market for connected devices is expected to more than double $1.7 trillion in 2010 from $655.8 billion in 2014, and that the number of connected devices is expected to nearly triple to $29.5 billion in 2020 from 10.3 billion in 2014.