Analysts estimate 50 billion devices to be connected to the Internet by 2020. The exponential growth in the Internet of things will also bring with it an explosion of data, a trend that is usually referred to as Big Data.
Almost every business can improve its products and services by analyzing existing data in new ways. Information on energy use can improve distribution allowing for tailored rates, more accurate bills, and increased efficiency. Data can be useful for urban planners including making adjustments to the transport network of a city or to doctors to improve the health care system. The benefits and the opportunities that this revolution entails as well as the policy challenges that need to be addressed were debated with experts at this EIF dinner.