By 2020, more than half of major new business processes and systems will incorporate some element of the Internet of Things (IoT), according to Gartner Inc.

The impact of the IoT on consumers' lives and corporate business models is quickly increasing as the cost of "instrumenting" physical objects with sensors and connecting them to other things such as devices, systems and people continues to drop.

"Uses of the IoT that were previously impractical will increasingly become practical," W. Roy Schulte, vice president and distinguished analyst at Gartner, said in a statement.

"The IoT is relevant in virtually every industry, although not in every application,” Schulte said. “There will be no purely 'IoT applications.' Rather, there will be many applications that leverage the IoT in some small or large aspect of their work.”

As a result, business analysts and developers of information-centric processes need to have the expertise and tools to deploy IoT aspects that play a role in their systems, Schulte said.

Gartner made several predictions for the IoT: Through 2018, 75% of IoT projects will take up to twice as long as planned: by 2020, a black market exceeding $5 billion will exist to sell fake sensor and video data for enabling criminal activity and protecting personal privacy; and by 2020, addressing compromises in IoT security will have increased security costs to 20% of annual security budgets, from less than one percent in 2015.