The 'Internet Of Things' Will Be Bigger Than The Smartphone, Tablet, And PC Markets Combined
The numbers being forecast for the Internet of Things (IoT) are truly mind-boggling.
BI Intelligence finds that the number of everyday and enterpries devices that will soon be connected to the Internet - from parking meters to home thermostats - will be huge.
- It will drive trillions in economic value as it permeates consumer and business life.
In the consumer space, many products and services have already crossed over into the IoT, including kitchen and home appliances, lighting and heating products, and insurance company-issued car monitoring devices that allow motorists to pay insurance only for the amount of driving they do.
Here are the top business-to-business and government applications for the IOT:
- Connected advertising and marketing. Cisco believes that this category (think Internet-connected billboards) will be one of the top three IoT categories, along with smart factories, and telecommuting support systems.
- Intelligent traffic management systems. Machina research, in a paper prepared for the GSM Association, sees $100 billion in revenue by 2020 for applications such as toll-taking and congestion penalties. A related revenue source will be smart parking-space management, expected to drive $30 billion in revenue.
- Waste management systems. In Cincinnati, residential waste volume fell 17% and recycling volume grew by 49% through use of a "pay as you throw" program that used IoT technology to monitor those who exceed waste limits.
- Smart electricity grids that adjust rates for peak energy usage. These will represent savings of $200 billion to $500 billion per year by 2025, according to the McKinsey Global Institute.
- Smart water systems and meters. The cities of Doha, Sa~o Paulo, and Beijing have reduced leaks by 40 to 50% by putting sensors on pumps and other water infrastructure.
- Industrial uses including Internet-managed assembly lines, connected factories, and warehouses, etc.
To access BI Intelligence's full report, Here Comes The Internet Of Things, sign up for a free trial subscription here. Subscribers also gain access to over 100 in-depth reports on social and mobile, and hundreds of charts and datasets.
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