The growth in Internet of things will far exceed that of other connected devices. By 2020, the emergence of mass-market smart phones, phablets, and tablets, combined with a mature PC market, will result in an installed base of about 7.3 billion units, used by an expected human population of 7.7 billion. In contrast, the Internet of things will expand at a much faster rate, resulting in an installed base of about 26 billion units at that time. Installed base is the key metric here because it drives the value of service revenue, and it aggregates communications bandwidth and data center activity.