With the emergence of sensors technology and the advances in communication technologies and cloud computing, we are moving towards a new computing paradigm, which will involve trillions of connected devices – IoT, Internet of Things. IoT will transform and it requires rethinking of how we compute today. According to a report by Gartner, 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, statistics report that the technology and services revenue from IoT is expected 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, healthcare, aviation, and government vertical industries.