2014 has lit up with a flurry of new products, developments and focus on how businesses can use the Internet of Things (IoT) to improve business processes and the customer experience.
But wait. IoT isn’t exactly the new kid on the block, so why so much activity this year? Michele Pelino, a Forrester Research principal analyst, attributed the rising interest to a dip in communication fees and sensor costs.
“Sensors and microprocessors that once cost hundreds of dollars are now available for as little as the cost of a cup of coffee,” she said. “Communication costs are also experiencing similar declines, with many wireless operators cutting fees to pennies per month per meter for the cellular link to support smart meters. On the other hand, expanding network availability in mature markets has enabled solution deployment.”
A long way from connected toasters and vending machines, experts predict that IoT will become a $1.9 trillion (Gartner), $7.1 trillion (IDC) or $19 trillion (Cisco) market, depending on which source you believe.