American multinational technology company, Cisco System, has bought IoT platform company, Jasper Technologies, in a deal worth $1.4B. Founded in 2004, Jasper Technologies is bringing a wealth of software experience and more than 3500 enterprise customers into Cisco’s fold. Driverless cars are one of the most exciting up and coming technology for consumers, but this is only one example of the devices to be connected to the internet in the near future according to Cisco. The company expects 50 billion devices and objects to be connected to the internet by the year 2020. They also estimate the IoE market (Internet on Everything, term coined by themself) to have a value of $14.4 Trillions (Google tells me that means one million one millions) for the private sector in 2022.
Jasper with its IoT software platform and Cisco with its IoT products do look like a well made match. Many believe the consolidation of these two major IoT players will speed up the maturity and development of the technology – bringing the technology into more industries and into the hands of the consumers faster. A M&A of such high value in a young market does raise some concerns. Will this make it harder for startups to remain competitive and bring innovation to the market? There are already many big fishes in the IoT pond, Apple with HomeKit, Google with Weave and Microsoft with Azure IoT, leaving little breathing space for startup companies to enter the market of IoT platforms. This in turn may slow the rate of innovation in the industry.
Many in the events industry are very much excited by the possibilities of integrating the IoT in events. From Automated Onsite Registration to real-time Heat maps, the technology definitely has much to offer to the MICE industry.
For more details how the IoT may affect the events industry, take a look at Eugene’s article!