by Vikram Mehta, Chief Executive Officer, Kaazing
The coming “Internet of Many Different Things” is not a world that is still way out in the future.
According to researchers, somewhere between 2008 and 2009 there were as many “things” connected to the Internet as the number of people on the planet – over 6 billion!
According to GSMA, by 2020 there will be 24 billion “things” connected to the Internet, of which half or 12 billion will be mobile devices.
So what’s all this going to be worth? Analyst firm IDC projects that IoT technology and services spending will generate global revenues of $8.9 trillion by 2020. Indeed, with 12 billion mobile devices and 50 billion ‘Things’ connected via the Internet in the not-too-distant future, new technology that transcends the limitations of the current Web is critical.
Cisco, which has a big stake in infrastructure for a thriving Internet of what Cisco likes to call “Everything” estimates that the IoT will boost global output by $14.4 trillion over nine years, or a comparatively sane $1.6 trillion a year. General Electric, by contrast, goes even bigger than McKinsey, and estimates that what it calls the “Industrial Internet” will boost global GDP by $15.3 trillion in 2030.
Cisco’s punditry forecasts that beyond just smartphones and tablets, that number of “Things” that connect to the Internet will only continue to scale as the growing number of connected gizmos, appliances – and even cows – are coded and cataloged to send messages to the Web.
No matter which prognostication or forecast you tend to believe, the opportunity for Internet-connected Things is indeed enormous.
My next blog will explore the factors that are holding back the Internet-connected parts of all those billions of “Things.”