In an IoT article published today, BGR referenced a December 2013 report which stated the Internet of Things industry will be worth $309 billion by 2020. Further, Cisco CEO John Chambers noted the staggering financial figure of $309 billion is just the tip of the iceberg.
“At the Mobile World Congress trade show, Chambers said he believes the Internet of Things will create $19 trillion in ‘economic benefit and value’ in the next decade.”
Let that sink in for a moment. $19 trillion, with a T, in “economic benefit and value” over the next decade. As $19 trillion is a massive number, here is some more information for you. In 2010, there were roughly 9 – 10 billion connected Internet of Things devices in operation. By 2020, that number is expected to jump to 50 billion. If the history of the IoT history tells us anything, the predictions might be right and yet, if predictions tell us anything, the numbers might be coming from thin air.