Proceedings of the 2014 International Conference on Economic Management and Trade Cooperation

Forecasting the Internet of Things Market by Using the Grey Prediction Model Based Forecast Method

Authors
Huang Chi-Yo, Kuo Chu-Chi, Kao Yu-Sheng, Lu Hsueh-Hsin, Chiang Po-Yu
Corresponding Author
Huang Chi-Yo
Available Online April 2014.
DOI
10.2991/emtc-14.2014.57How to use a DOI?
Keywords
Internet of Things (IoT), Technological Forecasting, Grey forecasting method, GM(1,1).
Abstract

The Internet of Things (IOT), extensions of the Internet into everything in the real world, enables computation all over the world. Albeit important, very few studies intended to predict the IoT market. In order to forecast the IoT market effectively with very few data, the GM(1,1) based Grey forecasting model was introduced. Thus, the authors developed a GM (1,1) Grey system based pilot study for future short term wind power forecasting. The accurate predictions of the IoT market by using the GM(1,1) Grey forecasting method can serve as the basis for market analysis as well as strategic planning. An empirical study based on the real 2007-2011 worldwide IoT market data being provided by a leading market research institute has demonstrated the efficiency of the GM(1,1) based forecast mechanism. In the future, the GM(1,1) based forecast mechanism can further be applied to the forecast problems based on very limited time spans. Based on the forecast results, the IoT market will be over $700 billion in year 2020. The forecast error is 2.58%. The empirical study results being obtained in this research indicate that the proposed GM(1,1) based approach is a promising alternative for predicting the very short time series.

Copyright
© 2014, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 2014 International Conference on Economic Management and Trade Cooperation
Series
Advances in Intelligent Systems Research
Publication Date
April 2014
ISBN
10.2991/emtc-14.2014.57
ISSN
1951-6851
DOI
10.2991/emtc-14.2014.57How to use a DOI?
Copyright
© 2014, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Huang Chi-Yo
AU  - Kuo Chu-Chi
AU  - Kao Yu-Sheng
AU  - Lu Hsueh-Hsin
AU  - Chiang Po-Yu
PY  - 2014/04
DA  - 2014/04
TI  - Forecasting the Internet of Things Market by Using the Grey Prediction Model Based Forecast Method
BT  - Proceedings of the 2014 International Conference on Economic Management and Trade Cooperation
PB  - Atlantis Press
SP  - 337
EP  - 345
SN  - 1951-6851
UR  - https://doi.org/10.2991/emtc-14.2014.57
DO  - 10.2991/emtc-14.2014.57
ID  - Chi-Yo2014/04
ER  -