Ten Internet of Things facts and predictions
You might be surprised to learn how many things are connected to the Internet, and how much economic benefit we can derive from analyzing the resulting data streams. Consider these interesting tidbits:
- The total economic value-add from IoT across industries will reach $1.9 trillion worldwide in 2020, anticipates Gartner.
- Fifty billion devices will be connected to the Internet by 2020, predicts Cisco.
- The remote patient monitoring market doubled from 2007 to 2011 and is projected to double again by 2016.
- The utility smart grid transformation is expected to almost double the customer information system market, from $2.5 billion in 2013 to $5.5 billion in 2020, based on a study from Navigant Research.
- Wide deployment of IoT technologies in the auto industry could save $100 billion annually in accident reductions, according to McKinsey.
- The industrial Internet could add $10-15 trillion to global GDP, essentially doubling the US economy, says GE.
- Seventy-five percent of global business leaders are exploring the economic opportunities of IoT, according to a report from The Economist.
- The UK government recently approved 45 million pounds (US$76.26 million) in research funding for Internet of Things technologies.
- Cities will spend $41 trillion in the next 20 years on infrastructure upgrades for IoT, according to Intel.
- The number of developers involved in IoT activities will reach 1.7 million globally by the end of 2014, according to ABI Research estimates.