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Internet of Things: IoT to Bring Economic and Technological Innovation
Expectations are high for the Internet of Things (IoT). Gartner has forecast that the IoT industry will reach $1.9 trillion by 2020. Intel says that in 2015 we already have 15 billion devices that are connected to the internet. In a recent review of the state of the IoT market, Verizon reports significant growth in IoT networks in 2015, an annual growth of 58 percent.
The Verizon report said that”in our view, 2015 was the year IoT gained legitimacy. Companies across all industries now have IoT squarely on their radar, which explains the projected 17% jump from 9.7 billion connected devices in 2014 to more than 25.6 billion in 2019, hitting 30 billion in 2020.”
Jamie Davies, deputy editor of Business Cloud News, said that “IoT is no longer a nice idea, it’s becoming mainstream. If 2015 was the year IoT gained credibility in the business world, 2016 is the year IoT gains commercial feasibility.”
Ed Ruth, a director at Verizon Ventures, said that “we’ve become very aware over the last 5 to 7 years that the cost of entry and barrier to building something very innovative and even destructive in the market has gone way, way down, so you now see a lot of innovation and R&D happen outside the four walls of big corporations. This is very much a big part of our innovation program.”
Mike Lanman, SVP IoT and enterprise products at Verizon, said that “the view has been that IoT is a mashup of complex technologies used only by early adopters. In the past year, we’ve seen compelling examples of how IoT is being deployed by a wide range of enterprises, entrepreneurs, municipalities and developers to address relevant business, consumer and public needs. Meanwhile, consumers are more willing to try new technologies and apps that introduce a better way of life. The end result will not only give rise to thousands of new use cases over the next two years, but will also create an accelerated pipeline for innovation and a new economy.”
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