July 16, 2014 10:10am
A recent IDC survey commissioned by TELUS has revealed that only a small portion of Canadian businesses have an Internet of Things solutions in place. This is despite the fact that IoT spending is expected to grow by 375 percent in the next four years.
Right now, only six percent of Canadian businesses have an IoT solution in place. A further seven percent will deploy solutions this year. According to IDC, annual IoT spending in Canada sat at $5.6 million in 2013. That number will apparently jump to $21 billion in 2018.
The Internet of Things is an evolution of machine-to-machine technology and refers to a group of interconnected devices that are capable of communicating with each other. Because pretty much anything can be a part of this network, IoT has applications across pretty much every industry imaginable, from healthcare, retail, and insurance to oil, gas, and manufacturing. IDC says first gen IoT is more common in the utilities and transportation industries but with 30 percent of businesses planning IoT deployments in the next two years, we should start seeing some really exciting IoT deployments very soon.
Internet of Things was one of the more prominent trends at the Consumer Electronics Show this past January. Though the majority of the technology on show was on the consumer-side (including connected washers and fridges from Samsung and more wearable devices than you could shake a stick at), it proves that the industry is more than ready for the IoT era. Intel was also on site with Edison, a tiny SD card-sized chip specifically designed specifically for embedded applications, wearables, and the Internet of Things.