The Internet of Things will be a $19 trillion business in the next decade, and the winners will be the operators that build architectures that tie all IoT-related apps and services together, Cisco Systems chief John Chambers said Wednesday.
“The financial reward here is very large,” Chambers declared at the Mobile World Congress in Barcelona during a keynote session on multi-screen home networks: “$19 trillion of profits and economic benefits in the next decade as you connect these various devices.”
However, he said, unlocking that value depends on the right architectural strategy, which in turn requires the understanding that the Internet of Things is not simply about connecting billions of devices.
“When you look at it, what has really taken off is applications being able to run anywhere in the network, and also the capability of every device to be connected in a way that adds value to the consumer,” Chambers said. “The key point here isn't about connectivity – it’s about the Internet of Everything where we combine things, processes, people and data to get the right information to the right device at the right time that allows you as a person or a machine to make the right decision.”
Consequently, he added, “In my opinion, the winners are going to be simply determined by who has the architectures in the home to tie this together. It won’t be siloed solutions with entertainment, video, energy, security, application screens, etc – it’s how you tie those together. That’s when the power of an architecture happens.”
Chambers also said this strategy goes well beyond home networks and multi-screen content and services. “The opportunity in front of us as you connect the home is that it will be BYOD, and whatever you use in your home will evolve to your car and to your workplace – it’s going to travel with you. The same is true for screens and accessibility.”