The forecast Cisco (News - Alert) outlined for the Internet of Things (IoT) values the global market at $19 trillion over the next decade, and Canada's share is estimated at $500 billion. The Cisco forecast is more optimistic than most, but many other organizations see the IoT contributing trillions of dollars around the world. So whether the final tally is off by a trillion here or a trillion there, there is great potential in this technology, and Canada just like many other countries is ensuring it is able to capitalize on the opportunities it will generate in the future.
The IoT is going to connect many billions of devices, with Cisco putting the number at 50 billion by 2020. The technology will connect infrastructure, vehicles, homes, consumer electronics, food, medication and even us, with the goal of making us smarter and more efficient. This means a connected streetlight can be turned off if no one is present and your house can alert your smartphone if someone is attempting to break in; the possibilities are endless.
Besides alerting the consumer, each device transmits data to manufacturers and service providers so they can improve the products and services they offer.
Wavefront, Canada’s Centre of Excellence for Wireless Commercialization and Research is an organization promoting the acceleration of growth and success of wireless companies and technologies to economic and social benefits for Canada. By connecting companies with essential resources, partners and opportunities, Wavefront has generated a return of $4.80 in economic benefits for every dollar of public funding received. Additionally it has fast-tracked the time to market for Canadian wireless businesses by 4-6 months.
One of the Canadian companies making investment in the IoT is BlackBerry, a company that has recently seen some very hard times. With so much potential in this new market, it launched Project Ion to focus on developing a wide range of IoT resources to access the large amounts of data created by the billions of devices deployed around the world. BlackBerry (News - Alert) is looking to use this information and provide actionable insight for businesses. This will empower organizations across every industry to better understand their customers and provide better solutions.
"As connectivity costs continue to fall and connected technologies become pervasive, a new market is emerging – the Internet of Things. Billions of connections, generating trillions of transactions and exabytes of data daily, will require platforms that can operate securely on a global scale. No other company is in a better position than BlackBerry to provide the technological building blocks, applications and services needed to enhance productivity, improve real-time decision making and deliver on the vision of the Internet of Things,” said John Chen, Executive Chairman and CEO, BlackBerry.
Only time will tell if BlackBerry is poised to take the leadership role Chen has in mind for the IoT, but the field is populated by some of the largest companies in the world. Cisco, Google (News - Alert), Microsoft, all the telecoms as well as many other companies are all fighting to establish themselves in the IoT in order to get a slice of the $19 trillion market.
Edited by Maurice Nagle