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Internet of Things (IoT): Billions of Things, Trillions of Dollars
By 2020 expect there to be a lot of devices connected to the internet — with the emphasis here on ‘a lot’. Analysts and businesses can’t quite decide, but the number will be very big.
Last year, Gartner predicted by 2020 there will be 26 billion devices connected to the internet, and they revised their estimate recently to 25 billion. But IDC thinks that it’s closer to 30 billion devices. Cisco expects that the number will actually be closer to 50 billion devices. And Morgan Stanley says it will be even bigger, closer to 75 billion devices. Do I hear 100 billion — anyone?
Cisco’s John Chambers thinks the IoT will generate $14 trillion in sales over the next ten years. IDC estimates that the IoT market in 2020 will be about $3 trillion.
It’s no wonder that IDC named their report on IoT futures “Billions of Things, Trillions of Dollars.”
Peter Middleton, research director at Gartner, said that “by 2020, component costs will have come down to the point that connectivity will become a standard feature, even for processors costing less than $1. This opens up the possibility of connecting just about anything, from the very simple to the very complex, to offer remote control, monitoring and sensing. The fact is, that today, many categories of connected things in 2020 don’t yet exist. As product designers dream up ways to exploit the inherent connectivity that will be offered in intelligent products, we expect the variety of devices offered to explode.”
Gregg Berkeley, Intel Corp’s global IoT business-development sales director, said that “everything can be IoT. For example, HVAC [heating, ventilating and air-conditioning], lighting, lifts, digital signage and parking. Currently, IoT is in the early stage globally. In my opinion, IoT will be in the mature stage within the next couple of year.”
Jim Tully, analyst at Gartner, said that “The digital shift instigated by… cloud, mobile, social and information – and boosted by IoT – threatens many existing businesses. They have no choice but to pursue IoT, like they’ve done with the consumerization of IT.”
