An IDC report says IoT will be worth $1.7 trillion globally by 2020. Intel's Altera acquisition boosts the prediction while Huawei is on board the IoT race.

The global growth in the market of Internet of Things is expected to reach $1.7 trillion in five years according to an IDC study. The firm added that 31.8% of the market is composed of IoT-capable devices while the rest accounts for information technology services and internet connectivity. The services projected to benefit from the growth include storage, security, software and purpose-built platforms.

Asia-Pacific is estimated to have a slightly lower revenue share of 51.2% as compared to 58.3% from 2014 reports. North America will have a steady 26% share while Western Europe is predicted to have approximately 19.5%. The firm's prediction is strengthened by Intel's Altera deal.  

Intel made an all-cash $16.7 billion buyout deal with Altera, the maker of field-programmable gate array technology (FPGA). The deal first surfaced in March this year which remains at $54 per share. Altera's initial impression of the deal was that it's too low but reportedly rekindled the arrangement after suffering from less satisfactory financial report in April. Intel's plan to combine its Xeon chips and technical processes with the FPGA technology from Altera is expected to generate more "smart" products. FPGA technology is currently used in the medical, automotive and industrial fields. Meanwhile, more companies have presented its bid in the IoT this year.

Huawei introduced its "Agile IoT" architecture paired with LiteOS as its IoT adaptation. Its executives added that the architecture is an open source and according to Huawei's William Xu standardized infrastructures will promote internet and IoT apps development. The company showcased wireless equipment that's fully customizable and can be installed business settings.

In just 5 years, the Internet of Things is projected to sprawl globally with an estimated value of $1.7 trillion. Intel, Huawei along with Google, Apple and IBM are on their best efforts to boost IoT's future.