The Internet of Things (IoT) will be a multi-trillion-dollar industry with upwards of 30 billion Internet-connected devices over the next five years - and companies will need to act fast if they don't want to be left behind. Overall, the IoT market is expected to present one of the largest growth opportunities in the industry, with more hardware and software manufacturers stepping up.
As solutions begin to mature, there will be additional investors jumping on the bandwagon, only accelerating the market faster. Connected devices will take over the home, office, vehicles, and everything else as Internet-connected technologies continue to invade our daily lives, analysts predict.
"This is an enormous opportunity that will not only transform healthcare, but every other industry as well," said Jeff Kagan, wireless industry expert, in a press statement. "This is huge. In the beginning, companies in this space will have a competitive advantage. Eventually it will become commonplace and companies who are not in this IoT space will be seen as competitively disadvantaged."
IoT-based technologies should be on full display during CES 2015, as companies show off various connected products for the workplace and at home.