Big Data Future Impacted By Explosive Growth in the Internet of Things

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In November 2014, information technology research and advisory company, Gartner, released a report that analyses the explosive growth in the Internet of Things (IoT) that it expects over the next half-decade. Usage projections suggest a 30 percent growth rate from 2014 to 2015, to an estimated 4.9 billion units. Furthermore, Gartner projects a quintupling of the number of connected things from 2015 to 2020, to approximately 25 billion.

IoT is essentially an ecosystem of objects featuring technology that allows them to communicate either internally or externally. The system consists of things, applications, means of communication and analytics that deal with all of the big data future growth that results.

The category of connected things includes traditional devices like automated teller machines and machines for airline check-ins. However, much of the growth from 2015 to 2020 will come from newer categories like smart meters and smart lighting.

To say that connected devices will become ubiquitous would still leave the point understated. The rapid embrace of IoT across virtually all sectors will be truly disruptive and transformative. Jim Tully, a Gartner VP and Distinguished Analyst, suggests that existing enterprises will have no choice but to embrace this transition to a world filled with connected things. He asserts that, “They have no choice but to pursue IoT, like they’ve done with the consumerization of IT.” Tully believes that this disruptive shift results from the simultaneous expansion of cloud computing, social media, IT and mobile devices.

Significant Economic Impact

Not surprisingly, Gartner suggests that the IoT’s economic impact will be massive as well. The firm projects that total services spending will reach $69.5 billion in 2015, and $263 billion in 2020. As with every major paradigm shift, the Internet of Things will inevitably deliver both promise and threat. Those that successfully ride this wave of change stand to secure their places at the table of future economic success.

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