THERE WILL BE OVER 38 BILLION Internet of Things (IoT) connected devices in five years' time, according to new research, marking a 285 percent increase on the current number.
Data from Juniper Research claimed that over 17 billion more IoT devices will be deployed by 2020, thanks to businesses more than consumers, in sectors such as retail, agriculture, smart buildings and smart grids.
"This is due in no small part to a much stronger business case for these types of applications," said Juniper in the firm's Internet of Things: Consumer, Industrial & Public Services 2015-2020 report.
It warned that, despite the UK government's recent report urging retailers to embrace IoT in a bid to improve productivity, automate supply chains and boost delivery times and stock efficiencies, businesses must have the right systems in place to embrace IoT and the data it produces.
"Knowing what information to gather, and how to integrate that into back-office systems, remains a huge challenge," added Juniper analyst and research author Steffen Sorrel.
"Mere connections create data. However, this does not become information until it is gathered, analysed and understood. The analytics back-end systems of the IoT will therefore form the backbone of its long-term success."
The report also emphasised that the IoT's growth is being held back by the risk of conflicting standards. However, Juniper said that efforts to address this potential hurdle are paying off, paving the way for growth.
"There are signs that standards bodies and alliances are beginning to engage to overcome these hurdles," the report added.
Cisco became the latest company to throw its hat into the IoT ring with a new system released last month aimed at smart city infrastructure.
The Cisco IoT System consists of 15 IoT products ranging from 4G modules to security cameras to mass-transit WiFi access points, all aimed at "turning data into action".
It is based around six "pillars" to create a complete architecture. These include: network connectivity, available in ruggedised and non-ruggedised form factors; fog computing, a system designed to bring IoT analytics to the edge of networks, analysing data locally before adding it to the cloud; and security, ranging from IP surveillance in the real world to malware prevention in cyber space. µ
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