Internet of Things (IOT) surpassed $2 billion in Business

The Internet of things is on track to be a $71 billion industry by 2018. A future where your refrigerator knows when you’re out of milk and your thermostat can adapt to your personal preferences and behaviors is no longer far-fetched. But it’s still far from a sure thing.

For manufacturers, the bulk of the challenge now lies in two areas: collaboration and standardization. For both of these, the key to success isn’t going to come from new technological advances; it will come from partnering with the right people.

There was no escaping the Internet of Things at CES 2015, it was the omnipresent theme of the expo, but don't let that fool you into thinking it's a far-off future concept. Intel's latest earnings report demonstrates that the IoT age is already upon us, accounting for $2.1 billion in revenue in 2014. That's 10 times as much as Intel generated from its Mobile and Communications division, which, in spite of its importance to the company, actually shrank in revenue over the course of the year.

It’s estimated that in less than 10 years, the IoT will consist of 26 billion devices. Right now, it’s like the Wild West out there; rules are lacking, and there are many things ready to trip developers up if they don’t take advantage of the right knowledge sources. That’s why partnerships also need to exist when establishing standards.