Gartner forecasts that 4.9 billion connected things will be in use in 2015, up 30 percent from 2014, and will reach 25 billion by 2020. The Internet of Things (IoT) has become a powerful force for business transformation, and its disruptive impact will be felt across all industries and all areas of society.
This sudden expansion will boost the economic impact of the IoT as consumers, businesses, city authorities, hospitals and many other entities find new ways in which to exploit the technology. Gartner estimates that IoT will support total services spending of $69.5 billion in 2015 and $263 billion by 2020.
Consumer applications will drive the number of connected things, while enterprise will account for most of the revenue. Also, Gartner estimates that 2.9 billion connected things will be in use in the consumer sector in 2015 and will reach more than 13 billion by 2020. The automotive sector will show the highest growth rate at 96 percent in 2015.
Connected things, such as ATMs and airline check-in machines, have been in use for many years now. But, new and novel devices, and many ordinary objects, are also being reinvented by means of digital sensing, computing and communications capabilities.
From a connectivity point of view, this development will add complexity to the networking infrastructure. Some ‘”things” will generate huge volumes of data, both in real-time and continuously. Think of self-driving cars. Other objects, such as intelligent waste bins, will, at set intervals, transmit a small dataset. Also, the loT comes with other data communication platforms and protocols, like LoRaWan and Zigbee that need to be integrated in already existing infrastructures.
IT leaders will have to accommodate for the differences in technologies and develop a multifaceted technology approach to IoT networking. In addition, IT leaders will need to balance digital business requirements with digital networking realities.
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