The Internet of Things promises to create new business models, improve business processes and reduce costs and risks, according to Riverbed.

A/NZ channel director for the networking vendor, Joe McPhillips, said the potential for innovation is growing as objects become embedded with sensors and gain the ability to communicate.

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"Many industries are gaining a competitive advantage from this connectedness, such as tracking goods and vehicles in fleet management, and stock control in consumer electronics and retail," he said.

For that reason, McPhillips expects that adoption of this approach will increase this year as companies continue to search for competitive advantages, while also attempting to drive cost savings.

Growing piles of data

Due to the rise of the Internet of Things, McPhillips said it is natural to expect that Big Data will get even bigger with the additional information being created.

Fortunately, companies will have already evolved their people, process, and technology enough to gain "significant business value" from Big Data investments in 2014.

"This rise of Big Data applications puts unprecedented pressure on storage strategies and technologies," McPhillips said.

In the coming months, McPhillips said that companies will need to look into acquiring a combination of robust storage hardware and software. potentially in-house, that allow for quick access to relevant information.

"As data storage needs increase, more companies will turn to cheaper and more available public storage Cloud services to offset spiralling costs, all of this within a centralised storage strategy to ensure, data security, minimal duplication and high performance at the edge," he said.

Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.