The Internet of Things, which revolves around machine-to-machine communication, embedded sensors, the cloud and millions of connected objects, could bolster member engagement for credit unions but also create security, privacy and system concerns.
The machines include mobile point of sale and wearable devices, home appliances, health monitors, body scanners, intelligent shopping carts, and security and environmental control systems.
Estimates of the size and value of the IoT market vary. Gartner predicted there will be nearly 26 billion devices valued at $1.9 trillion by 2020, while the International Data Corporation estimated nearly $9 trillion in annual sales by 2020. Cisco put the number of IoT devices at around 14.8 billion today and some 50 billion by 2020, and Microsoft estimated there will be 30 billion or more IoT devices by 2020.
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