Experts predict that Internet of Things will generate a new market worth several trillion yuan if it succeeds. [Photo/IC]

Internet of Things

Imagine a world where - be it cars or wearable devices – all things can be connected to each other via the Internet. That was one of the hot topics on the sidelines of the Second WIC, with tech tycoons predicting the sector of Internet of Things (IoT) could be the next El Dorado for the Chinese tech industry in near future.

The IoT may become the best business opportunity in the next five years, said Zhou Hongyi, CEO of Internet security and search company Qihoo 360 Technology, adding his company has been focusing on IoT since two years before.

"The Internet of Things is like a new kind of language. It will enable everything to 'talk' with us through the Internet, which in turn will spur innovation and generate new business models," Zhou said.

Yang Yuanqing, chief executive of Lenovo Group, said: "A smart future will demand smart connections. The Internet will move toward creating smart technologies that boost the IoT, like connecting hardware devices with users, data and services."

Zhang Yaqin, president of Baidu Inc, said the search giant is already making significant progress in the IoT sector with its self-driving vehicle. "Automobiles are the ultimate mobile devices that will help link consumers to other things," Zhang said, adding the company plans to put its self-driving car on the road within three years.

Liu Qiangdong, CEO of e-commerce site JD.com, said in the future no products can be termed commodities unless they are linked to the Internet.

China has attached great importance to the research and development of the IoT. Experts have predicted that if it succeeds, the new technology will generate a new market worth several trillion yuan.