"You are seeing connectivity being put into TVs already, but it's also going into fridges, microwaves, ovens, washing machines, light bulbs, smoke detectors, etc. There are a wealth of devices that are going into the home, giving us information and helping us control our environment and our lives more effectively."
Rodney Gedda, Telsyte analyst, forecasts machine to machine mobile technology will grow from 1.3 million connections in 2013 to more than 3 million in 2017. He sees increased adoption of these technologies will mostly be in mining and engineering.
Nicole McCormick, Ovum analyst, expects Telstra to launch its LTE M2M service offer in 2014.
"However, I don't see 2014 as being the 'year of LTE M2M', as while there is initial interest in high bandwidth M2M services over LTE, actual deployment of these services will be limited in 2014. LTE M2M will expand faster in 2015."
The Internet of Things may bring about many opportunities in 2014 for enterprises, but it doesn't come without its challenges. Steenstrup says there is a risk of companies losing control of their assets as more and more tiny things become connected online.
He says for industrial-type businesses, where the Internet of Things will be more visible, the CIO and head of the engineering or operational equipment team will need to work closely together to ensure assets are properly managed.
"Engineers are used to equipment and operations but they are not used to all the software, portfolio management and vice versa. As you move to hundreds of these technologies being deployed somewhere you need to think about how you are going to manage that portfolio, and not everybody has thought that through.
"The CIO is generally assumed to be the go to person for technology deployments. However, most of what we are talking about here is actually going to be initiated by engineers, operations people who traditionally are the ones who use the equipment.
"You are actually going to need the experience and knowledge of both because you are combining physical equipment with online technology and therefore it's going to have to be a combination of IT and engineering."
Another challenge that organisations will start to address next year is the consolidation of technologies and systems to create an Internet of Things "ecosystem", says Barr. We could see a greater set of standards emerge next year as the "building blocks" to making that ecosystem work, he says.
The standards would allow software applications, data analytics and sensors to be pulled together so that they can communicate between them over a vast range of devices and equipment.
Defining clear revenue models is another issue companies will start to deal with next year, Barr says. "How does everyone make a dollar out of this? If you have billions of devices being put onto a network, all of which generate very tiny amounts of revenue, you need very efficient provisioning processes," he says.
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