Now I don’t claim to be a psychic, but I am going to predict one thing for the future. The Internet of Things (IoT) is going to be the foundation of your everyday life. How can I be so sure? Right now we are heading at warp speed towards 2015 where the IoT is expected to include 25 billion autonomous internet-connected devices. The International Data Corporation (IDC) expects that by 2020 the installed base of the IoT will grow to 212 billion “things”, including 30.1 billion connected autonomous things.
What are these “things”? The IoT are products, animals or persons that can be assigned an IP address and provided with the ability to transfer data over a network to each other, another electronic device or a particular human being. According to WhatIs.com IoT is the evolution and convergence of wireless technologies, micro-electromechanical systems and the Internet. We aren’t talking about Skynet andTerminator here, but IoT do have the ambient intelligence which make them more sensitive and able to respond to our needs as required.
Right now in your home you already have IoT devices that can perform duties like turning on and off household appliances and personal electronics. Currently there are a multitude of devices that have this functionality, though majority of these have been machine-to-machine, and the future of IoT expects that all devices, not just your computer, smartphone or tablet, will have the ability to transfer data over a network.
The term “Internet of Things” may seem to be a recent buzz word within the information, technology and communications industries, however the functionality has been in development for a very long time. The main focus has tended to be around innovation, productivity, efficiency and customer experience, so far all around the cloud, social, mobile and information opportunities, however the possibilities are endless. Utopian visions may not be too far off with the ongoing potential for the IoT to include smart cities, cars and houses; enhanced infrastructure; and an ever increasing connected society.
Not only will individuals benefit from the IoT, companies and industry will too. IoT represents huge data connectivity potential across the manufacturing, health, insurance and financial sectors before expanding across to other trades. The IoT has already benefited these areas by helping to reduce business costs, increasing the efficiency of operations and empowering companies to put in place new and highly successful business models.
The IDC predicts that the IoT will generate $7.1tn in sales and research firm Gartner says that the IoT industry will contribute $1.9tn to the global economy by 2020. The reality right now according to Gartner is that the IoT is already creating new markets and thus a better economy. Let’s also not forget the millions of current devices connected in the ways we previously would have dreamed up only in science fiction.
The Internet of Things is set to change the world, change the way companies do business, and make lots of money through business and consumer demands. Short of a zombie apocalypse taking over the world, a company’s growth and continued prosperity will depend on if they are willing to embrace the IoT. This means exploring the right opportunities within the IoT, smartly connecting and making sure they are IT ready. The latest iPhones may have us in a frenzy, but there is so much more still to come in regards to the IoT, we are only really limited by our imagination. So, take a seat in the DeLorean, strap yourself in, and enjoy the ride into the future that is the Internet of Things.
If you like this article, you might be interested in Don’t Click That! Your Guide To Cyber-attacks And Tips For Being Cyber Safe Within Your Business