Is Internet of Things the next technology bubble?

There has been much talk and hype in the trade and national media about the implementation of the Internet of Things (IoT) and the Internet of Everything (IoE). The one thing they all agree on is that the potential is huge! Gartner is predicting the market could reach 26 billion units by 2020, whereas IDC forecasts 212 billion things connected to networks by 2020, based on an estimation of 750 million buildings connected to networks.

Although the numbers are staggering the value of the market will likely be lower with each device being much cheaper than a tablet or smartphone. It seems like we have been discussing the IoT for quite a number of years already so what is driving the hype to reach fever pitch now?

The main driver is the availability of new low power technologies for Smart Sensors at a price point that makes it viable to connect previously un-connected devices. Also we as consumers have become used to using “smart” devices as our communications hub. At the same time dedicated networks and services are now readily available to support the launch of new and revamped applications.

In the consumer space some products are already fully paid up members of the IoT, including kitchen appliances, smart energy meters and lighting just to name a few. I expect the list to grow very fast as 2014 progresses. Do you have an idea for a new application that is proving challenging to get off the ground? Get in touch and we’ll help you overcome the hurdles.