Internet of Things (IoT): Business Opportunities 2015-2025
Jun 22, 2015, 03:07 ET
LONDON, June 22, 2015 /PRNewswire/ -- The Internet of People runs to billions of devices already. The Internet of Things will involve ubiquitous smart objects that sense and communicate directly over the internet creating better data without human intervention. Its time has come because there are now enough IP addresses available for tens of billions of items, hardware costs are now affordable and large companies are backing it. There are far more things than people so it could overtake the IoP business eventually. In 2024, tens of billions of smart objects are likely to be involved.
Some call the Internet of Things (IoT) as encompassing the Internet of People (ubiquitous internet enabled personal electronics) but the two are very different in construction, applications and maturity. This report concentrates exclusively on the new phenomenon of the IoT, using Cisco terminology for smart objects with IP addresses and usually with sensing i.e. sensor networks oriented. RFID is scarcely involved. Key are microcontrollers, potentially billions a year, with sensor interfaces and wireless interfaces. These will serve human needs from medical to entertainment without human intervention every time. IDTechEx finds that a huge business awaits in converting networks to IP and providing security and links to legacy systems. It involves deciding whether to perform analytics in the device or in the network, and goals for analytics such as anomaly detection, prediction, comparison, or optimization. Cisco, IBM, AT&T and other giants are in good position to do this - system integrators win commercially.
By contrast Intel, Texas Instruments and others are trying to sell the microcontrollers against rock bottom prices from China already but the Western and Japanese suppliers have many uniques from advanced wireless interfaces to lowest power. IDTechEx finds many new standards and collaborations as even the giants cannot go it alone. They span from the 2008 IPSO Alliance to the recent Linux Foundation AllSeen Alliance and the 2014 AT&T/IBM Alliance variously aimed at overcoming standards and compatibility issues and sharing research and capability. There is particular interest in industrial and commercial applications.
Forecasts for IoT smart objects sold 2015-2025 are given. Many actual and potential applications across most sectors are discussed. Over 20 interviews in 2014 are reported but more were used in drawing up the conclusions. Coverage is global and the research involved attending many events worldwide, carrying out web searches and interviews and combining the long experience of the PhD level analysts in the IDTechEx team
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