There are lies, damn lies, and market research about the ‘Internet of Things’. Latest instalment from the bullshit machine here.

The Internet of Things – all those billions of smart, connected gadgets such as Google’s smart glasses above – should generate a staggering $7.1 trillion in annual sales by 2020, according to a report Tuesday by International Data Corporation.

That’s actually a downgrade from October, when the research firm predicted sales would hit $8.9 trillion. Asked about the revision, IDC Program Vice President Carrie MacGillivray said, “it’s a nascent market” and “we continue to learn daily on how this will all play out.”

Nonetheless, IDC officials remain solidly bullish on the financial windfall being produced by the Internet of Things, which they define as “a network of networks of uniquely identifiable endpoints (or “things) that communicate without human interaction using IP connectivity – be it ‘locally’ or globally.”