Gartner, Inc. forecasts that 4.9 billion connected things will be in use in 2015, up 30 percent from 2014, and will reach 25 billion by 2020. It is prophesied that it would change the way we live our lives and most importantly the way we do business. The discussions on internet of things have primarily centered on personalization and predictive analytics, and the use cases centered on preventing disasters or intelligent automation. But very little is being discussed about how would these billions of devices alter / impact the financial industry.
According to a Gartner research manufacturing, utilities and transportation will be the top three verticals using IoT in 2015 – all together they will have 736 million connected things in use. By 2020, the ranking will change with utilities in the No. 1 spot, manufacturing will be second and government will be third, totaling 1.7 billion IoT units installed. “Government will take the No. 3 spot as it invests in Smart Street and area lighting for energy saving reasons, Utilities will move to the No. 1 position because of investment in smart meters.”