Convergence and smart cities are expected to present market opportunities worth $1.5 trillion by 2020, according to Frost & Sullivan.
The consultancy firm said “connected living” is likely to become reality in the near future. The concept is defined as a world in which consumers use many different devices to experience services that integrate video, voice, and data services to provide access and ubiquitous connectivity anytime and anywhere.
“In the foreseeable future, smart and connected ubiquitous objects will be able to monitor the environment, report statuses, receive instructions, and take action based on the information received from smartphones, tablets and other hand held devices acting as a controller,” said Manoj Menon, Senior Partner & Managing Director for Asia Pacific Frost & Sullivan.
Menon said ICT and the Internet of Things (IoT) are expected to transform numerous industries into “smart industries.” Examples include automotive (connected cars), healthcare (connected health) and retail (self service and augmented reality).
“Driven by cloud computing, ubiquitous connectivity, and big data analytical capabilities, IoT is forcing transformation and innovation across the Connected Home, Connected Workplace and the Connected City for a massive technology-led disruption across all industries,” he added.