How big is the
Internet of Things
(IoT)?

The sensors used to connect smart devices may be small, but the extent to which they've proliferated raises an obvious question for business leaders: How big is the Internet of Things? Everything from wearable fitness trackers and speakers to thermostats and lighting systems have been brought online, thanks to sensors and related technologies.

The ability for electronic devices and even once-inanimate objects to now share data with their owners—or with each other—is the basic definition of the Internet of Things, or IoT. In some ways, though, we may still be in the early days of what else might become "smart" as technology continues to advance.

Some of the most common potential use cases for the IoT to date are already progressing rapidly. This includes connected vehicles, where sensors can pave the way for autonomous or self-driving cars. Manufacturers are connecting machinery to the IoT to predict when parts might need to be repaired or replaced.

The concept of "smart energy," meanwhile, where utilities can better optimize the use of power and electricity, is also made possible by the IoT. And factories can boost productivity and improve employee safety by introducing IoT-enabled smart robotics.

Due to its widespread applications, it's difficult to give one precise answer to, "How big is the IoT?" Though some estimates suggest the number of connected devices could reach tens of billions in just a few years, the size of the IoT can also refer to its expansion into a platform of services.

Rather than approach the IoT as a series of isolated projects that require plans to be developed from scratch, IoT platform services can help businesses accelerate adoption and improve the ability to manage and optimize data. Platform services could include access to networks that were built with IoT use cases in mind. Given that a big part of the value in IoT projects is the data they help an organization collect, platform services could also provide intelligent templates to analyze and act upon the data.

The right platform services provider could also assist with areas such as life cycle management, connecting smart devices to the cloud and realizing the potential of major network advancements such as 5G.

If more organizations are asking themselves, "How big is the IoT?" it’s probably because they recognize it offers a way to address several business challenges at once. More smart devices can make it easier to work from anywhere, to allocate resources with greater confidence and to transform customer experiences in real time. The answer to "How big is the Internet of Things?" will therefore depend on how quickly organizations capitalize on the opportunities ahead of them.