Goldman Sachs defines the Internet of Things (IoT) as the third wave of internet revolution: By connecting billions of devices to the internet, the IoT can open up a host of new business opportunities and challenges. According to McKinsey, the IoT has the potential to create up to $6 trillion economic value annually by 2025. According to Research and Markets, there are more than 2000 companies that are selling the IoT enabled products, playing a vital role in the IoT technology innovation, or act as an enabler to the IoT business development.
A business ecosystem is the community of business entities that is formed by the competitive and collaborative interactions among business entities for new innovations. A business ecosystem evolves to form a new value network, and thus, to create a new market. The IoT has various applications including, smart home, connected car, connected health, and business/industrial applications. Thus, many business players across diverse industries including semiconductor, consumer electronics, IT, telecom, healthcare, medical devices, retail, industrial & manufacturing and transportation are participated in the IoT business ecosystem.
The key IoT business ecosystem players based on their patenting activities are Samsung Electronics, Google, Toyota, Ford, GM, Philips, GE, IBM, Cisco, and Ericsson.
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