We’re bullish on the Internet of Things (IoT). We believe the IoT will have profound effects on consumer lifestyles. These sensors and devices may well have an even more significant impact on how business works. That’s why we’ve added it to our Future Horizons top 5 emerging technologies this year.
IoT is the name given to the combining of devices and sensors. Many consumer and industrial devices and sensors are becoming internet enabled. Enabling the data that’s collected to be beamed to a central cloud application.
The people driving those apps have a stream of data that helps them do many things:
- Track transportation and cargo
- Remote sensor data analysis for monitoring
- Optimise supply chains and processes
- Remote management of home and appliances
- Smarter home services and design
Thanks to IoT we can look forward to smarter buildings, infrastructure, cities and more.
And the numbers are significant. Amazon Echo is in 10% of US households. In 2018 that number is expected to increase another 34%. Over the next four years, sales over Amazon Echo and Google Home are forecast to rise from 2B to 20B according to OC&C Strategy Consultants. We can hear Jeff Bezos laughing already.
Statista predicts the global Internet of Things (IoT) market will grow from $2.99T in 2014 to $8.9T in 2020. They also anticipate Manufacturing, Transportation and Utilities to lead the way as the most prominent areas of investment.
And once again Amazon is a leading player in the IoT space. Amazon already provides IoT hosting services via AWS. The AWS IoT Core allows companies to host and analyse their IoT data. Again we see the team in Seattle leading the way with over 50% market share in IoT hosting.
Wherever you look are old devices and sensors that will become internet enabled. With experts predicting over 50B devices and sensors to be connected by 2020 – you better get ready for IoT. It’s looking to be bigger than the smartphone.