The commercial, industrial and
public services sectors are expected to fuel growth in the Internet of
Things, with the number of IoT connected devices forecast by Juniper Research tripling to 38 billion units
by 2020.
In particular, retail,
manufacturing, agriculture, energy and smart buildings are expected to
drive demand for IoT devices.
These sectors will be enabled to see a high return on investment
through IoT projects, owing to more efficient business processes,
Juniper Research predicted.
Juniper Research defined IoT
as the "combination of devices and software systems, connected via the
Internet, that produce, receive and analyse data.
These systems must have the aim of transcending traditional siloed
ecosystems of electronic information in order to improve quality of
life, efficiency, create value and reduce cost."
Interoperability hurdles owing
to conflicting standards continues to slow progress in the market.
Nevertheless, there are signs that standards bodies and alliances are
beginning to engage to overcome these hurdles, explained Sorrell.
IoT connections create data, but this data need to be gathered, analyzed and understood.
The analytics back-end systems of the IoT will therefore form the backbone of its long-term success, Sorrell concluded.
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