Cisco CEO John Chambers appeared on American Public Media’s Marketplace, talking about the Internet of Things.
He said that back in 2000 there were about 200 million devices on the Internet. Today that’s 10 billion. By 2020 it’ll be 50 billion. The example given is the smart meters being installed by various utilities.
Chambers said “the ability to read the water meter in your house is one thing, same thing with your electrical meter, but thirty percent of the drinking water in the world and in the US is lost because of leakage. So not only will they be able to read it, but they’ll be able to see if something is unusual with your pattern usage and they’ll dispatch someone to go fix the water leakage in your home.”
He estimates that the back to companies that embrace the Internet of Things will be around 14.4 trillion dollars in the next few years.