IoT sensors, ad hoc networks to transform communications market, predicts Strategy Analytics
The pervasiveness of energy sensors and ad hoc networks to enable the Internet of Things (IoT), along with virtualized networks and cloud computing, will transform the communications networks, content and technology markets by the end of the decade, predicts Strategy Analytics.
"The realization of the third industrial revolution will be driven by cloud computing, big data analytics and the consumerization of business services. IoT developments and M2M will create new partnerships with disruptive new business models," observes Andrew Brown, executive director of enterprise mobility and M2M at Strategy Analytics.
"IoT's success will depend on ubiquitous energy harvesting and ad-hoc sensor networks. These developments will be under way by 2020 and will eventually transform industrial processes, consumer applications, healthcare and government," according to Strategy Analytics.
Wireless firm Ericsson estimates that there will be more than 50 billion connected devices by the end of the decade.
Market research firm Gartner predicts that IoT product and service suppliers will generate incremental revenue of more than $300 billion in 2020, adding $1.9 trillion in global economic value-add, which represents the "aggregate benefits that businesses derive through the sale and usage of IoT technology."
At the same time, market research firm IDC forecasts that the IoT market will increase at an 8.8 percent compound annual growth rate, reaching $7.3 trillion by 2017.