Neura CEO, and expert in the IoT space, provides insight on the future of the Internet of Things.
The Internet of Things (IoT), anticipated to have a large presence at International CES 2014, holds amazing potential to greatly impact many facets of our lives. Internet of Things technology and services spending is expected to generate global revenues of $8.9 trillion by 2020, growing at a compound annual rate of 7.9 percent.
Gilad Meiri, CEO of Neura, a leader in intelligent interoperable technology solutions, said:
“We are entering into an era where devices are connected, and able to communicate and intuitively predict and react to individuals’ daily patterns. This idea of connectivity will begin to expand into other markets over time and, by 2020, the number of connected devices will be five times larger than the earth’s population.”
In analyzing consumer segments, Neura predicts the IoT trend will have an immediate large impact on wearable computing devices, the automotive industry, and the connected home and its sub-segment of safety and security. Wearable computing devices are expected to lead the adoption trend, with substantial growth rates predicted within the next 12 to 18 months. The company has labeled 2014 as “the year of the wearables.” Neura foresees growth in the connected home will follow, peaking in 2016, preceded by the automotive industry in 2020.
As the IoT trend gains momentum, several industry leaders have begun to emerge. Wearable devices have exploded onto the scene with numbers more than tripling over the past 18 months, led by Nike’s Digital Sports initiative, which sprouted the Nike Fuelband activity monitor and Fitbit with an array of activity monitors. Other major players such as Google (Glass), Apple (iWatch), Quallcomm (Toq) and more are also expected to shake up the space.
In the connected home space, smart TVs are paving the way, with more than 85 million sold in 2012. Other connected home devices experiencing rapid growth include the connected thermostat Nest, WeMo’s smart sockets, and Hue light bulbs. In 2014, consumers will be introduced to an array of new products ranging from smart locks and monitoring solutions to large home appliances. With Car Area Network (CAN), the automotive industry has the ability to develop connected vehicles. There is also a great deal of research being conducted surrounding connected networks of vehicles, demonstrated by the Google X Smart Car, estimated to eliminate “phantom traffic jams” and reduce accidents, which could result in savings of over $100 billion annually.
“During 2014, there will be almost 9.6 billion intelligent systems shipped to manage the 190 billion things that get installed and connected to a network,” said Vernon Turner, Senior Vice President of International Data Corporation (IDC) Research. “As more sensors become connected via intelligent gateways, similar to Neura’s technology plans, then the real social and economic value of the IoT will rapidly rise.”