According to Cisco, a networking solutions giant, more and more Venture Capital firms are expected to invest in Internet of things (IoT) technologies this year. The expected investment can be more than $ 1.6 billion. The IoT market has been successful in improving the quality of people’s lives connecting more and more devices to the Internet.
The US based firm added that more than 13.69 billion devices have been connected through Internet so far. “10.69 billion Things were connected till Oct 2013, which has gone up to 13.69 billion in October 2014”, said Wim Elfrink, Chief Globalization officer, Cisco at the Internet of Things World Forum. The figure is expected to reach 50 billion by 2020.
According to the present figures, 37 percent of IoT consumers are industrial consumers and this figure is expected to cross the 50 percent mark in the next three years.
Elfrink also added that the IoT investment is expected to exceed $ 1.6 billion mark this year.
The Internet of things space is booming like never before as more and more devices are getting through the internet. This has in return led to the consumers expecting for more intelligence from these connected devices, infrastructure and equipment.
More and more startups are coming up to cash upon the booming market of IoT. This has led to the number of startups increase from just 13 last year to a whopping 189 this year. The IoT has provided jobs to about 300,000 people so far.
Cisco, a networking solutions giant, has about 250 happy public customers with thousands of connected devices deployed round the globe. According to Elfrink, more and more connectivity has led to an increase in the concern about education and security.
Education is an important area of action for IoT. According to Jeanne BeliveauDunn, VP and General Manager, Cisco, there is an urgent need to re-skill and overhaul the education system of people involved in networking.
The US networking giant also announced the expansion of its fog computing strategy along with the second phase of its IOx platform for industrial scale Internet of things deployment at the Internet of Things World Forum.
Advertisements