Internet of Things economic value addition will be $1.9 trillion in 2020, benefiting a range of industries such as healthcare, retail and transportation, said Gartner.
Gartner says the number of connected devices with unique IP addresses to the Internet will grow to 30 billion from 2.5 billion in 2009.
In the technology and telecom sectors, revenue associated with the Internet of Things will exceed $309 billion per year by 2020.
Worldwide IT spending is forecast to reach $3.8 trillion in 2014, a 3.6 percent increase from 2013, but it’s the opportunities of a digital world that have IT leaders excited, according to Gartner.
“Digitalization exposes every part of your business and its operations to these forces. It is how you reach customers and constituents; how you run your physical plant; and how you generate revenue or deliver services. Enterprises doing this today are setting themselves apart and will collectively lead the new Digital Industrial Economy,” said Peter Sondergaard, senior vice president at Gartner and global head of Research, Gartner.
By 2017, new device categories: mobile phones, tablets, and ultra-mobile PCs will represent more than 80 percent of device spending. Gartner also forecasts that by 2017, nearly half of first-time computer purchases will be a tablet. Therefore, mobile is the destination platform for all applications.
Digitalization creates an accelerated technology-driven start up environment across the globe. Many of the vendors who are on top today, such as Cisco, Oracle, and Microsoft, may not be leaders in the Digital Industrial Economy.
Cyber security will be an ongoing concern, both inside and outside the enterprise. IT leaders should anticipate events and headlines that continuously raise public awareness or create fear.
Digitalization will create new infrastructures and new vulnerabilities in our infrastructures.
“We recommend that you build a portfolio of security vendors because no single vendor addresses more than a fraction of your problem. Everyone will need to establish more agile security processes,” Sondergaard said.