The Internet of Things (IoT) is on the cusp of rapid growth. According to Gartner nearly five billion things will be connected by 2015 – and this figure will reach 25 billion by 2020.
Meanwhile, according to IDC, this IoT marketplace will be worth over $7 trillion by 2020.
IoT gives a digital voice to objects and devices, allowing them to stream information about their status and that of their environment. Transport, manufacturing and utilities will be the top three industry sectors adopting IoT in 2015. However, government IoT will become increasingly important, taking the third spot by 2020. This will include the rolling out of such services as smart street lighting and smart rubbish bins.
Other key findings:
- Organisations must focus on new services, usage and business models
- IoT will drive a growth in organisational digital security services
- Organisations will have to balance digital business needs with digital security realities
- Innovation in the market will be driven by startups and partnerships.
Sources: Gartner; SocialMediaToday; ITProPortal; ZDNet.