Predictions for the Internet of Things abound and we have certainly been a part of the soothsaying paparazzi. When you’re excited about a market and, in this case, the cool technology that disrupting markets, it’s not a bad thing. However, for businesses entering the IoT market, predictions can create difficulties. Predictions can also drive people crazy because after all, who needs yet another prediction! Let’s all just wait to find out the reality when it comes in a few years or more.
The IoT has been ripe with bountiful predictions. Unfortunately, many, even from credible sources, are all over the map. I recently came across an excellent article on NetworkWorld.com on what IoT predictions to pay attention to now that we are firmly planted in the New Year. The article referenced a few predictions from well-known and reliable sources. The article stated,
A McKinsey & Company estimate suggests that the economic impact of the IoT will reach $11 trillion by 2025. IDC estimates that total spending on IoT will reach $1.2 trillion by 2022. Gartner forecasts 20.4 billion connected devices globally by 2020, and DigiCert says that 92% of companies they surveyed said IoT will be “important to their business” in 2012.
The article makes a great point from Alan Griffiths, principal consultant with market researcher Cambashi, who stated, “Everyone knows it’s going to be big, and no one’s got the faintest idea, in my opinion, of how big it’s going to be.”
Every predictions or market forecast I have seen over the past few years indicates a massive market. Although the IIoT is not the largest market compared to consumer based ones, I sense it has the strongest confidence level for becoming a reality. I mentioned last week the IIoT is best positioned for significant growth because it delivers real-world productivity and cost efficiency benefits. Businesses also know or think they know, how to deal with privacy and security concerns than average consumers. Benefits like convenience don’t hold up as well as business benefits like saving money and improving efficiencies.
I guess will wait to see how these predictions will play out.