4. Opportunities and concerns Many are predicting that the economic impact of IoT will be huge. Estimates by a number of well-respected organizations range widely. For example, IDC forecasts a global market for IoT of $7.1 trillion in 2020, and General Electric estimates that IoT could add as much as $15 trillion to global GDP by 2030 (Press, 2014). However, there may be several tradeoffs and concerns associated with the proliferation of the IoT. This section highlights more prominent aspects from both sides of the coin; the central issue of privacy is accorded its own distinct, more detailed analysis.