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Moving Beyond Vision: The Internet Of Things
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It’s the third wave of the internet. From being just a vision, today the Internet of Things (IoT) has arrived. That’s what Wim Elfrink, Executive Vice President for Industry Solutions and Chief Globalisation Officer, Cisco said during his keynote address on the first day of the Second Internet of Things World Forum in Chicago.
The rise of IoT is clearly there in the numbers. Every week 57 million new devices are being connected. As a result, the number of connected devices has risen from 10.69 billion in October 2013 to 13.69 billion this October. That number is expected to exceed 50 billion by 2020. While currently only 37 per cent are industrial consumers, that number is expected to exceed 50 per cent by 2017.
Investment too is on the rise. During this year, venture capital investment into IoT is expected to exceed $1.6 billion. And the number of start-ups in the sector has shot up sharply from just 13 in 2013 to 189 this year. As of now, 300,000 people have jobs related to IoT. That number is only going to increase. Cisco now has 250 public customers with thousands of connected devices deployed globally.
One area of action for IoT relates to education. Jeanne Beliveau-Dunn, vice president and general manager services, Cisco stated that there is an urgent need to overhaul the education system and re-skill people involved in networking. An area of concern is security. No one is expected to connect devices in an open IP network without tight. As a result, there is expected to be huge demand for cyber security analysts in the not too distant future.
IoT provides the foundation for what Cisco calls the Internet of Everything (IoE). That includes connecting things, people, data and processes, enabling the transformation of data into information, knowledge and wisdom. Cisco Consulting Services estimates that IoE can unleash $19 trillion of economic value worldwide over the next decade by generating new innovation, revenue streams, customer experiences and improving asset utilisation, employee productivity as well as supply chain and logistics operations.
At the IoT World Forum, Cisco also announced the expansion of its fog computing strategy along with the second phase of its IOx platform for industrial scale IoT deployments. Under the fog computing strategy, Cisco customers can exploit opportunities created by IoT through its ability to offer networking, compute and storage from cloud to fog.
Cisco also outlined the components of its IoE Software and Services Suite, which expands its IoT offerings and drives IoE value. It has also signed up 11 corporations and education institutions to a new global consortium aimed at employing more people, and re-skilling up to 2 million network engineers today.
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