The Internet of Things (IoT) is actually a reference made to physical devices around the world that are now connected to the internet, collecting and sharing data. Thanks to cheap processors and wireless networks, it’s possible to turn anything, from a pill to an airplane, into part of the IoT. This adds a level of digital intelligence to devices enabling them to communicate without a human involvement, merging the digital and physical worlds.
According to a report by Gartner, Internet Of Things – IoT will include 26 billion units installed by 2020, and by that time, IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services.
In addition, International Data Corporation (IDC) has looked at the components, processes, and IT support for IoT and expects the technology and services revenue to expand from $4.8 trillion in 2012 to $7.3 trillion by 2017 at an 8.8% CAGR, with the greatest opportunity initially in the consumer, discrete manufacturing, and government vertical industries.
Asia Pacific and North America are estimated to contribute $92.8 billion and $56.3 billion, respectively, by 2017. These regions are forecast to grow at a CAGR of 33.2% and 28.3%, respectively, from 2012 to 2017. There will be a growing demand for expertise in IoT in the APAC region.