That estimate is far higher than previous analyst forecasts. For comparison, in our new IoT Ecosystem Report, BI Intelligence estimated that there are around 10 billion devices connected to the internet right now, and we predict that number will grow to 34 billion by 2020.
He also predicted that digital technologies including the IoT, cloud, and mobile will make 40% of companies in the world today irrelevant in 10 years, as many companies will fail to keep up with the accelerating pace of innovation in digital technology.
Chambers said that even Cisco, which could benefit as much as any company from the development of the IoT, could be disrupted over the next 10 years by this pace of innovation. Connecting billions of new devices will create more demand for Cisco’s networking gear. However, the growing demands placed on networking solutions to connect so many devices will also open up opportunities for new competitors to expand quickly and challenge Cisco’s dominance in the internet networking business.