The world is set to become a lot more connected, if one new report is correct. According to a recently released forecast by analytics firm International Data Corporation (IDC), the market for the “Internet of Things” is set to grow 19 percent during 2015.
The “Internet of Things,” or IoT, refers to a network of connected physical objects. In essence, your dishwasher would be able to talk to your refrigerator and your car would be able to talk to your home security system. The concept, a growing reality as microchips are embedded in more and more physical objects around us, has gained a lot of traction recently.
“While the buzz around IoT is certainly gaining, it’s hard to tell what type of an affect this technology will have on corporate IT departments, as well as enterprises of all sizes,” reads an IDC press release. “While certain segments of the consumer market are seeing some IoT infiltration, and companies are starting to collect data based on sensors, there are still a number of contentious security and privacy issues that need to be worked out.”
According to the IDC, the retail market alone will see a 35.7 percent five-year compound annual growth between the years of 2013 and 2018, growing from $6 billion to $27.5 billion. In the United States, the IDC predicts that the biggest boom will come from connected vehicles, with a 35 percent year-over-year growth in 2015. Overall, IoT manufacturing operations should increase from $42.2 billion in 2013 to $98.8 billion in 2018, marking a five-year growth rate of 18.6 percent.
IoT isn’t a new concept, but major tech firms have only come to embrace the movement in recent years. Major backers include Samsung, Google, and pretty much every other company vying for consumer attention. Apple, for instance, released a Home Kit module with iOS 8, allowing homeowners to connect lights and other compatible appliances to their mobile devices. Samsung has stated it will commit $100 million towards IoT research and development in 2015 and that it hopes to have all of its devices IoT-friendly in five years.
“The Internet of Things has the potential to transform our society, economy and how we live our lives,” Samsung president and CEO B.K. Yoon said at the 2015 Consumer Electronics Show. “It is our job to pull together — as an industry, and across different sectors — to make true on the promise of the Internet of Things.”
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