Several opportunities are predicted to emerge in the coming months as more data is generated by machines or things other than human beings.

Frost & Sullivan Asia Pacific says that 2014 will see more IT buyers and sellers focused on the Internet of Things (IoT).

IoT activity will also increase in the coming years due to a combination of low cost sensors, cloud computing, advanced data analytics and mobility, according to Andrew Milroy, vice president, ICT Practice, Frost & Sullivan Asia Pacific.

Demand for big data analytics tools will increase in the coming days as these will improve efficiency and effectiveness of enterprises. Powerful analytics tools will transform the way people do business and generate revenues for organisations.

IoT will also drive new cloud computing opportunities as applications driving the functionality of sensors and other mobile devices will be hosted and developed in the cloud.

Development of mobile apps

IoT will lead to the development of mobile application in the cloud for deployment on any device or sensor.

Professional services market centered around development and management of apps will become more significant next year.

"While apps may enable and enhance that interaction, high speed networks will need to be deployed to enable this heavy use of increasingly sophisticated apps," added Milroy. "From an IoT perspective, these networks will be necessary to efficiently transmit growing volumes of data between sensors and devices."

Frost & Sullivan Asia Pacific finds the biggest revenue opportunity for an IoT ecosystem is within the transportation and logistics sectors. Other areas impacted by IoT are smart cities, connected cars, connected health and manufacturing.

Businesses that want to tap the wave of IoT will have to address issues related to reliable connectivity, enterprise grade cloud computing and performance.