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As more and more devices connect to the network and communicate with each other, we are accelerating into the age of interconnection of all things.
In this context, the number of connected devices, the revenue generated and the amount of data will also show an astonishing increase: by 2020, the number of connected devices worldwide will reach 50 billion units, the Internet of things sales will reach $1.6 trillion by 2025; By 2020, the amount of data generated by the Internet of things will reach 4.4 ZB.
So how can such growth be achieved? Splunk, a research and technology firm of big data, shows us the potential of the Internet of things.
Many organizations have done a lot of statistics and forecasts on the development of the Internet of things market, all the data show that the Internet of things will show a very rapid growth momentum. The installation base for connected devices is expected to grow to more than 50 billion by 2020, nearly fivefold more than in 2012, according to the CATV Association (NCTA).
Almost all market forecasts suggest that the industry will grow to more than $1 trillion over the next decade. IoT Analytics, a market research firm, makes a relatively conservative forecast that the industry will grow to $1.6 trillion by 2025. Other institutions are bolder about the size of the global internet of things market by 2025.
McKinsey expects the market to be $6.1 trillion, IDC $7.1 trillion and Cisco $14.4 trillion. In just a decade, how could the Internet of things go from a relatively small industry to a trillions of dollars industry? Given that the goal of the Internet of things is to replace every traditional unconnected asset in the existing economy with Internet-enabled products and to cover every sector of the industry, it is not surprising that such a large growth forecast.
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