News Scan: IoT to revolutionize business, daily life; Mobile contactless payments users to reach 300M; more

>> IoT to revolutionize business, daily life

The Internet of Things, or IoT, promises to revolutionize the way we do business as well as the way we live our lives. Reflecting this promise, IDC forecasts that the global IoT market will explode over the next few years, reaching $7 trillion in value in 2020, up from $1.9 trillion last year. The IoT installed base is expected to increase at a 17.5 percent compound annual growth rate through 2020. Read more.

[More on IoT: Cellular M2M connections to triple in Asia by 2017, predicts IHS | IoT security to prompt IT overhaul]

>> Mobile contactless payments users to reach 300M

Mobile contactless payment users are forecast by Juniper Research to reach 300 million by 2017, up from 110 million in 2013. The market research firm said that to achieve that level of growth stakeholders need to raise consumer awareness about mobile contactless payments and education retailers about their value. "Contactless is largely being sold to retailers on the basis of faster throughput at the POS [point of sale]. The other critical opportunities offered by contactless--such as consumer engagement and product upselling--are much lower on their radar," says Juniper analyst and report author Windsor Holden. Read more.

[More on mobile payments: As Square shuts down Wallet, pundits wonder- Are mobile wallets dead? | With backing of major banks, UK mobile payments system Paym launches]

>> Wireless infrastructure deployment to push RF power chip spending over $1B

Wireless infrastructure deployment has pushed spending on radio frequency power semiconductors to more than $1 billion, according to the latest figures from ABI Research. Demand for gallium nitride (GaN), a new technology for RF power semiconductors, is expected to increase over the next few years. GaN "bridges the gap between two older technologies, exhibiting the high-frequency performance of gallium arsenide combined with the power handling capabilities of Silicon LDMOS. It is now a mainstream technology which has achieved meaningful market share and in future will capture a significant part of the market," explains ABI research director Lance Wilson. Read more.

[More on semiconductors: Wireless communications chip demand spurs turnaround in semiconductor market | Qualcomm lifted on strong smartphone, LTE baseband processor sales]

>> Mobile marketers focus on customer acquisition, retention

Customer acquisition and retention are top priorities for mobile marketers, according to a study by DNN, Lawless Research, Survey Sampling International and Qualtrics. Increasing brand awareness, expanding into new markets, measuring return on investment, increasing share of voice in social media, and reducing marketing costs were other priorities, according to the survey. These priorities jive with another study conducted by Forrester Research and ExactTarget at the end of last year, according to Mobile Marketer. Read more.

[More on mobile marketing: Nestea mobilizes classic ad campaign | Social media giants embrace mobile advertising with gusto]

>> Sequoia pumps $15M in Indian mobile multiplayer gaming firm Octro

Venture capital firm Sequoia Capital is investing $15 million in Indian mobile multiplayer gaming firm Octro, TechCrunch reports. Octro makes digital versions of popular Indian games, such as Indian Rummy and Tambola. "Indian games like Tambola, Teen Patti and Rummy have been a part of people's lives for years. Octro has made these culturally relevant games come to life on the mobile," says Mohit Bhatnagar, managing director Sequoia Capital. Read more.

[More on mobile gaming: Italy probes Apple, Google and Amazon over 'free' mobile games | Fees for downloading mobile games will disappear, predicts EA]