Cisco CEO John Chambers says a new tech market is coming that will generate an astounding $14 trillion in profits over the next decade: the Internet of Things (IoT).
IoT is about putting all sorts of inanimate objects on the Internet like cars, door locks, appliances, smart meters, video surveillance, health care devices, thermostats and so on.
“The Internet of Things, I think will be the biggest leverage point for IT in the next 10 years, $14 trillion in profits from that one concept alone,” he said on Wednesday at AllThingsD’s D11 Conference.
He’s basing this on Cisco’s research. On Wednesday, the company released its latest report on Internet trends.
The report predicted that by 2017, there will be about 2.8 billion machines on the Internet, representing 30% of the devices connected to the internet worldwide, up from 960 devices and 17% in 2012.
These devices will lead to apps, services, support jobs and will cause businesses and service providers to upgrade their networks, too. No doubt that will put a lot of money in a lot of company’s pockets, Cisco among them.