Internet of Things (IoT) is as fundamental as automobiles and the Internet in the way it will eventually permeate the way we live and the way we conduct business. IoT is a global mega-trend that has already been years in the making.
Internet of Things (IoT) is as fundamental as automobiles and the Internet in the way it will eventually permeate the way we live and the way we conduct business. IoT is a global mega-trend that has already been years in the making.
The ability to connect anything to the Internet is simple, pervasive and affordable. Real-time monitoring and remote control of our lives, factories and assets is made possible with an always-on Internet connection, smart phones, and Machine-to-Machine (M2M) communication. The IoT technology is a natural and logical evolution of the smart phone and M2M where the business cases and business models have been proven and begin to merge.
The lines between smart devices and M2M begin to blur, as the integrated components are de-constructed into the basic sensors and communication protocols enabling IoT to flourish. Once security and safety concerns are resolved, IoT becomes the next major platform for products and services in just about every market segment imaginable.
Relevant Market Forecasts
Cisco: 50 billion devices connected by 2020, at a value of $14.4 trillion.
IDC: 212 billion by the end of 2020, including 30.1 billion connected autonomous things, at a value of $8.9 trillion in 2020 and have a compound annual growth rate of 7.9 percent.
Gartner: 26 billion units installed by 2020, at a value of $300 billion mostly in services and $1.9 trillion in global economic value-add through sales into diverse end markets.
As a technology platform, the economic value and number of devices is projected to be extremely large. The market applications will evolve and become segmented from the Internet of ‘any’ Thing into the Internet of My Things for personal use and Internet of Industrial Things for commercial applications. Segmentation even further based on application has already begun, such as Wearable Fitness Devices, Smart Appliances, Smart Buildings, Smart Factories, and so on.
Markets are continuously changing. Consumer expectations adjust to new products and more choices. Innovation is necessary. N³ Innovation can help you evaluate market trends and stay relevant to future customers. Contact us today.