30/03/2016 15:54 AST
A gathering of global technology leaders at the ongoing Internet of Things Expo (IoTX) in Dubai, UAE believe a combination of hyper connectivity, supercomputing, cloud computing, smart technologies and cyber security will make the IoT sector the single largest market opportunity for global businesses by the turn of the decade.
Anastasia Ribbing Kristoffers, a senior managing consultant for Huawei Technologies, who earmarked healthcare, education, energy and utilities, transport and smart cities as the core industries driving IoT growth, said: “IoT is a great blue ocean of opportunity and we’re only just starting to explore it. We expect global IoT spend to reach $2 trillion by 2020.”
With two billion smartphones currently being used worldwide and 217 new internet users every minute, global IoT growth will see 50 billion physical objects connected to the internet by 2020.
Kristoffers revealed that Huweai expects the number of connected devices to hit 100 billion by 2025.
When it does, the explosion in data will generate vast capacity for analytics-driven solutions to interpret, monetise and, vitally, secure the information.
“IoT data is like oil – it is very valuable but if you spill it, it’s dangerous,” added Kristoffers.
Currently, technology solutions companies such as Huawei are working with device, service and application providers as well as standards bodies to build an IoT ecosystem to support the impending growth in connected devices and data.
Public-private partnerships will be the key to exploiting opportunities – especially in the transformation of smart cities, according to Irfan Khan, chief technology officer, SAP Global Customer Operations, a speaker at IoTX.
“Dubai is already a global Smart City leader and the emirate can further drive innovation by localising global best practices such as the smart and connected 2016 Rio de Janeiro Olympics, Barcelona's mobile tourism app and Buenos Aires' natural disaster management,” said Khan.
“SAP is committed to driving the public-private-academic partnerships that support the region's government-led Smart City innovation to help cities run better, enhance daily lives and upskill local talent,” he said.
Encompassing a two-day conference spanning core IoT touchpoints including global digitisation, wearables, security and risk, robotics, applications and the penetration of solutions and services across multiple industrial sectors, IoTX featured more than 20 expert-led sessions.
Meanwhile, a core component of DWTC’s Future Technology Week – a new umbrella identity collecting Gulf Information Security Expo and Conference (Gisec), The Big Data Show and Gemec – IoTX includes a three-day exhibition, that has attracted a high-profile contingent of the world’s leading technology companies including AdvanTech, BT, Cisco, Dark Matter, DELL, Ericsson, GE, Intel, Huawei, Microsoft, Pacific Controls and SAP and Future Technology Week.
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