17 hours ago | By WGSN Insider
Big data meets consumer insights. Experience WGSN.
Estimates place the Internet of Things leading to a market of 50 billion connected devices worldwide by 2020.
That’s a lot of work to do between now and then.
The speed of innovation that’s needed, said Ulf Edwaldsson, SVP and chief technology officer at Ericsson, at technology trade event CES today, comes down to partnerships. “This can only be achieved if we draw on power much bigger than the power we have internally at our own companies.”
He talked to the idea of working with think tanks, universities and venture capitalists focusing on the new ecosystem of labs that pivot on collaboration, “We have a lab together with Facebook and we can test everything they’re doing within our own,” he gave as an example.
LG meanwhile highlighted how it’s engaged the broader start-up community to its own benefit. “Even though we are invested in our technology, we realise so many people out there are doing [innovative work]. We want to be creating the next big thing with these people through our platform, so we’ve offered them that opportunity. We really phrase the engagement as a win win situation,” said the company’s SVP of advanced technology, Dr Nandhu Nandhakumar.
In another panel at CES, Joseph Bradley, VP of Cisco Consulting, underlined the greatest barrier facing the industry: “We’ve got all this great talent but we don’t have the business and social architecture to align these resources – how do we tap into that talent so that it comes into fruition?”
The global market for the Internet of Things’ products and services will be in excess of $7 trillion by 2020, according to market research firm, IDC, increasing from $1.9 trillion in 2013.
Developments in software and connectivity means this is the first time we’re seeing our industries all being transformed at the same time, said Edwaldsson. “When the internet first launched we thought it would lead to everyone working together. Now that’s really, finally happening.”
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.