IoT - a US$14t opportunity by '20?

212b devices are likely to be connected to the Internet by 2020, sending and receiving data. Reports by AMIT ROY CHOUDHURY

Published Sun, Nov 3, 2013 · 10:00 PM

[BARCELONA] IT industry leaders gathered at this trendy and high-tech Spanish city last week and pledged to work together to implement standards for what is being described as the next big thing in technology: the Internet of Things (IoT).

Speaking at the inaugural IoT World Forum, Cisco's chairman and CEO, John Chambers, said that by 2020, IoT will result in US$14.4 trillion in profits for companies worldwide. The company believes that this year alone, businesses could generate more than US$613 billion in profits from IoT.

A raft of top technology companies were present at the event, like Oracle, SAP, Qualcomm, Schneider Electric and Zebra Technologies. Apart from these, there were a number of specialist IT firms present at the Barcelona forum.

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