Internet of Things is most likely going to bring a paradigm shift in the way people and objects connect so it is no surprise existing tech giants are investing heavily to get a head start in this technology.
Internet of Things (IoT) is a paradigm shift whereby everything, including devices, equipment, wearables, machinery, networks, organizations, and even people are connected via an online system enabling person-to-object and object-to-object communication. Today, consumers demand a great degree of ease, and a wide variety of, applications they can use through connectivity. Smartphones are becoming controllers for almost everything, from parking cars (Audi app) to monitoring one’s vitals (Samsung Galaxy and iPhone apps).
Rob Lloyd, President of Sales and Development at Cisco, commented that IoT will create a $14.4 trillion business opportunity in the private sector and $4.6 trillion for the public sector by 2020. On the other hand, the value of IoT determined by McKinsey Global Institute’s Disruptive Technologies report is up to $6 trillion by 2025. Considering the high potential of IoT, companies from several sectors will be looking to benefit from the disruption. While software companies will profit from creating software and apps that capture the IoT space, hardware companies will be developing actual tangible products and devices that will make use of the technology.
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