The Internet of Things (IoT), which includes smart meters and machine-to-machine services, is expected to reach a value of $8.9 trillion as a market by 2020, according to analysts.

U.S. based analyst firm IDC have predicted a 7.9 per cent growth rate up to 2020 as customer demand promotes rapid growth.

The demand is being driven by an increasing use of smart technology, with smart cars, houses and city projects driving investments in the market.

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