There will be 1.1 billion connected things accessing the Internet of Things (IoT) to help power smart cities in 2015, according to the Gartner research group. That figure will increase up to 9.7 billion by 2020, as more products and services rely on the Internet.
Forty-five percent of total connected things in use will be smart homes and smart commercial buildings - and that figure will rise up to 81 percent by 2020. The new opportunity provides great sales pipelines for manufacturers trying to provide connected solutions to customers.
"Smart cities represent a great revenue opportunity for technology and services providers (TSPs), but providers need to start to plan, engage and position their offerings now," said Bettina Tratz-Ryan, research VP at Gartner. "The majority of Internet of Things (IoT) spending for smart cities will come from the private sector."