The Internet of Things is worth $7T market opportunity - IDC

Internet of Things (IoT) is poised to become a $7-trillion market over next five years on the most conservative basis and 50 billion new connections during the same period. Some other project the mobile wallet industry will be worth $14.4-trillion market in the near future.

However, over 70 percent of companies are yet to make use of IoT in exploring the massive platform. General Electric (GE) finds that industrial internet connectivity will encouragingly boost the bottom line of the companies, but also efficiency as well.

According to IDC, IoT will be worth $7 trillion by 2020. Cisco Systems forecasts that by the same time, there will be new connections to the tune of 50 billion while Accenture's study finds that 73 percent of companies yet to make business investments in Internet of Things.

According to VideoManav Gupta, founder and Chief Executive Officer of Internet of Things (IoT) Accelerator Bring, IoT sector will be called as IoT 2.0 in the near future.

He forecasts that "smart devices talk to each other will be a possibility in next phase of IoT 2.o."

Almost all the top brass in the global corporate sector are fully aware of huge business potential in IoT, but majority of them have not taken proper decisions to explore it.

"Our survey among 1,400 C-suit decision makers, half of whom are CEOs, found that while they might see and believe in their IoT, this is not necessarily translating into effective moves to explore it," writes Bruno Berthon, author of the survey carried out by Accenture.

The study reveals that 52 percent of respondent companies said they're in the process of developing IoT-based business applications. 20 percent of them have already developed their own IoT strategies and making some investments. Seven percent have charted their future IoT-based business strategies and earmarked heavy investments. One-fifth of the respondents shrugged it off saying they have no IoT strategy as of now.

Not only Accenture's latest study highlights the lack of IoT compliant business applications, but also a recent report from Gartner also further validates the situation in the global corporate sector.

It also finds that less than 25 percent of respondents have clear IoT-based business strategies. Majority of these have floated exclusive business units to take care of the implementation of IoT-based business strategies, while some companies entrusted this task to their multiple business units to execute it.

Global business conglomerate General Electric is focusing on internet connected equipment that'll enhance the efficiency by one percent onwards. According to a study by GE, internet connectivity will boost railways' efficiency over 25 percent, aviation by 30 percent, healthcare by over 60 percent, power by over 60 percent, oil and gas sector by 90 percent.