Internet of Things (IoT) refers to devices or objects that are connected to the Internet. These Smart devices are able to collect and transmit data via the Internet. Below are few facts about them:
- ATMs are considered some of the first IoT objects, and went online as far back as 1974.
- This year, we will have 4.9 billion connected things and by 2020, the number of Internet-connected things will exceed 50 billion.
- The IoT will connect many of the devices we have in our homes, from smart thermostats to smart fridges, light systems etc.
- By 2020, a quarter of a billion vehicles will be connected to the Internet, giving us completely new possibilities for in-vehicle services and automated driving.
- Internet-connected clothing is coming. Estimates predict that 10.2 million units of smart clothing will ship by 2020 , compared to a meagre 140K units in 2013.
- Today, the market for Radio Frequency Identification (RFID) tags , used for transmitting data to identify and track objects, is worth $11.1 billion. This is predicted to rise to $21.9 billion in 2020.
- Machine-to-machine (M2M) connections will grow from 5 billion at the beginning of this year to 27 billion by 2024.
- GE believes that the “Industrial Internet” (their term for IoT) will add $10 to $15 trillion to global GDP in the next 20 years.
- IoT will have a total economic impact of up to $11 trillion by 2025 , according to estimations by the McKinsey Global Institute.
- IoT could generate $4.6 trillion over the next ten years for the public sector, and $14.4 trillion for the private sector, believes CISCO.
By:- Sapan Talwar