While it is expected that the Internet of Things (IoT) will make its mark in the global emerging market with an estimated economic impact of up to $11.1-trillion by 2025, telecommunications companies globally are increasingly developing and implementing IoT strategies.
IoT, which is changing the dynamics of nations, industries and even people, is enabling telecommunications companies to shift from connectivity to IoT platforms and to leverage the vertical value chains of everything connected, says Huawei IoT marketing director Dave Hoelscher.
Speaking at the Southern Africa Telecommunication Networks and Applications Conference 2016, in George, on Monday, Hoelscher noted that around 60% of operators globally were already working actively on IoT projects, including global players Vodafone, China Mobile, AT&T and Telefonica.
He added that the opportunities presented by IoT were seemingly limitless, with smart buildings, smart metering, smart parking, smart homes and smart water, along with fleet management, e-health, safe cities and waste and energy management, among countless other applications, increasingly becoming focus entry points.
Unpacking the economic impact of IoT, Hoelscher explained that “smart health” would contribute some $1-trillion in value to the global economy, followed by the $705-billion contribution of “smart environment”, with water and energy adding another $300-billion and $400-billion respectively.
Smart education, smart homes and smart buildings held out values of $344-billion, $60-billion and $22-billion respectively.