Internet of things pegged as US$19,000 billion market

  • by VNBUSINESS
  • September 25, 2014

General Director of Cisco Vietnam, Phan Thanh Son on September 23 at a seminar in Hanoi said the Internet of Everything – connected products ranging from autos to household goods – could be a US$19,000 billion opportunity.

General Director Son drew a picture of a world in which objects in homes, at airports, at hotels and elsewhere that are connected to the internet know people’s preferences. This will have ripple effects throughout the economy affecting how and what products people buy and contribute to savings by way of reducing costs, he said.

Mr Son said this is not so much about information technology (IT) as it is about how the technology changes people’s lives forever.

Deputy Minister of Information and Telecommunications Nguyen Minh Hong in turn said Social, Mobility, Analytics, and Cloud (S.M.A.C) have created a “smart” development trend in all fields in the world.

Mr Hong noted the IT sector has witnessed strong developments in recent time and become an important economic industry which has contributed to the country’s GDP.

Leaders from the Ministry of Information and Communications said Vietnam had anticipated the trend when issuing important documents to promote the development of IT to meet the requirements for sustainable development and international integration.

Source:  VOV

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