The Feliciano School of Business at Montclair State University recently hosted a CIANJ Technology for Business Roundtable which featured a live drone demonstration and experts’ presentations on how this and other cutting-edge technologies can be applied to business.
In setting the stage for the program we shared the latest data on the expansion of the Internet of Things and its Forecast for 2020. It’s a fascinating look at what our lives will be like:
- Number of connected devices worldwide will rise from 15 billion today to 50 billion by 2020. Intel claims that more than 200 billion devices will be connected by then.
- Global spending on IoT devices and services will rise from $656 billion to $1.7 trillion in 2020 fueled by growth in devices, connectivity solutions, and IT services.
- The smart-home industry generated $79.4 billion in revenue in 2014. That number is expected to rise substantially as mainstream awareness of small appliances rises.
- 90 percent of cars will be online compared with just 2 percent in 2012 supporting the growth of in-car infotainment, autonomous-driving, and embedded OS markets.
- 173.4 million wearable devices by 2019
- “Industrial Internet” market (the connected industrial machinery) will add $10 to $15 trillion to the global GDP within the next 20 years.
Here’s where we can expect the smart stuff to turn up:
- 40.2 percent in Business/Manufacturing with real-time analytics of supply chains and equipment, robotics machinery.
- 30.3 percent in Health Care with portable health monitoring, electronic recordkeeping, pharmaceutical safeguards.
- 8.3 percent in Retail with inventory tracking, smartphone purchases, anonymous analytics of consumer choices.
- 7.7 percent in Security with biometric and facial recognition locks, remote sensors.
- 4.1 percent in Transportation with self-parking cars, GPS locators, performance tracking.