The Internet of Things market will be worth $7.1 trillion by 2020, according to a study by the International Data Corporation (IDC). BI Intelligence finds that 1.9 billion once-inert everyday and enterprise devices are already connected to the internet -- from parking meters to home thermostats -- and by 2018 that number will top 9 billion.
Everyone from Samsung to Intel to GE to you-name-it is already in the space and it's getting very exciting. It's also getting very real, with both advantages and risks rising to the surface.
As we go through the 2nd half of 2014, we're seeing 3 key trends:
1. The industry is getting organized. The Open Interconnect Consortium (OIC) was just launched as an organization that will set standards for connected gadgets and appliances in the home. This is a move in the right direction.
2. The Green Internet of Things is on the rise. This difference between consumer actions and consumer desires for sustainable consumption is often referred to as the "green gap." Consumption data from billions of connected things may help drive sustainable initiatives such as reduced rates of consumption.
3. Cyber Security and the Internet of Things. No question about it, all these connected devices pose security and privacy risks. More things than people are already connected and the numbers will keep rising. Consumers and manufacturers are concerned and working feverishly to stay ahead of the problem Look for huge investments in data security and personal privacy initiatives in the very near future.
Huge strides are being made in all of these areas and more. As computing power drops in price and everything has a sensor, a massive potential for value is right around the corner. This means there is an even greater need for smart thinking around self-reporting devices as we seek to coordinate data to improve and enhance our work, health and lifestyles around the globe.
Beverly Macy is Beverly is an educator, author, speaker, and thought-leader in marketing strategy, digital business, and the power of emerging technology. Her focus is on how social, mobile, analytics, cloud, and the coming Industrial Internet revolution is affecting business trends today. She teaches Global Business Sports & Entertainment at UCLA Anderson Center for MEMES.