Since 2009, there has been a greater number of things connected to the Internet than the number of people using them. By 2020, the number of Internet-connected objects should top 50 billion.
“The Internet of Things will be as big as the Internet,” says Alex Frommeyer, CEO and partner of Louisville-located Uproar Labs specialized in building and launching of IoT products. “It will produce a very different consumer experience in the next few years.”
The world market for the Internet of Things will reach $1.7 trillion by 2020, representing a compound annual growth rate of 16.9%. The upturn is attributed to the increasing production of Internet-connected household devices, states a recent research conducted by International Data Corp.
Another report published by Gartner, the world’s leading information technology research and advisory company, reads that even this year the Internet of Things keeps staying at the peak of its hype cycle. Basically, this research firm puts out a Hype Cycle of emerging technologies on an annual basis.
“The Hype Cycle for Emerging Technologies is the broadest aggregate Gartner Hype Cycle, featuring technologies that are the focus of attention because of particularly high levels of interest, and those that Gartner believes have the potential for significant impact,” said Betsy Burton, vice president and distinguished analyst at Gartner. “This year, we encourage CIOs and other IT leaders to dedicate time and energy focused on innovation, rather than just incremental business advancement, while also gaining inspiration by scanning beyond the bounds of their industry.”
Gartner’s Hype Cycle shows the maturity and adoption of specific technologies which travel through five different stages in the cycle. The phases are “Technology Trigger”, “Peak of Inflated Expectations”, “Trough of Disillusionment”, “Slope of Enlightenment”, and “Plateau of Productivity”.
Along with autonomous vehicles and Advanced analytics with self-service delivery, the Internet of Things is at the top of its hype. During this phase technologies reach the height of their publicity. Moreover, lots of businesses enter the space. Gartner predicts that the IoT and autonomous cars are expected to be commonplace in the market within 5 to 10 years. However, now these technologies are getting the most attention.
“While autonomous vehicles are still embryonic, this movement still represents a significant advancement, with all major automotive companies putting autonomous vehicles on their near-term roadmaps. Similarly, the growing momentum (from post-trigger to pre-peak) in connected-home solutions has introduced entirely new solutions and platforms enabled by new technology providers and existing manufacturers,” reads Gartner’s press release.