IoT stands for the Internet of Things. The IoT includes the numerous physical as well as analog gadgets spread around the globe that are presently connected through the cyber world.
Each of these gadgets tends to communicate with each other through the internet, all the while gathering and sharing information.
All thanks to low-cost processors and wireless networks, any physical device can be integrated as a part of the IoT. In other words, the IoT enhances manual devices with the help of artificial intelligence.
Essentially the IoT allows the control of any physical object through the internet. One of the best examples would be when you can turn on the light bulb through an application on your mobile phone, instead of using the manual switch.
Almost all the devices that form part of the Internet of Things are the ones which are least expected to have an internet presence. An identifier is embedded in these devices, which allow them to communicate through the internet.
The Internet of Things is growing rapidly and new devices are connected to the IoT network with each passing day. As per some estimates, around 8.4 billion IoT devices were connected in 2017. In comparison to 2016, this number reflected an increase of 31%. Some forecast predicts that the number of devices will likely increase to 20.4 billion by the year 2020.
Interesting Facts about the Internet of Things you should be aware of
The Internet of Things is still in its growth stage. It is still an unfamiliar term in many parts of the world. Here is a list of facts which you should definitely keep in mind.
1. Widespread adoption by Corporate Companies
Many big-time corporates and well known multinational companies have turned to increasingly adopt the Internet of Things in the regular business. This highly evident from the financial statistics and research expenses in this field.
IBM has reportedly allocated a budget of around $200 million for their new global headquarters in Munich. It will include projects on IoT, Blockchain, artificial intelligence, and cybersecurity. Even Microsoft has entered in the market to provide Platform as a Service (PaaS).
As reported by the Business Insider, the financial institution, Morgan Stanley predicts the devices connected to the Internet of Things will cross the 75 billion thresholds by the year 2020.
2. IoT has been around for the last 3 to 4 decades
The IoT trend is picking up very fast in the last couple of years. However, the IoT has been around since the early 1980’s. As reported, the first instance of a physical device linked to the IoT was in the year 1982.
A modified coke machine was connected to the IoT to report the status of inventory in the machine. In the early phases, the IoT had restricted scope because of the poorly developed technology of that time.
But now, owing to the fast-paced internet access, availability of smartphones and mobile technology, the Internet of Things will increase manifold.
3. IoT is a promising business opportunity
IoT ventures are extremely alluring and offer very lucrative returns to investors. The Internet of Things has the ability to reshape everyday life.
Implementing the IoT makes it easy to operate physical devices from remote locations simply by using a smart device. New business opportunities in this field might seem daunting for many investors given the uncertain response to a new product.
But as per market statistics, almost 94% of the business units that have adopted the IoT have seen a substantial return on investments. General Electric, one of the prominent business house, has stepped into the IoT space for building a jet engine technology. GE has allocated a budget of over $60 trillion investments in the next 15 years.
4. Statistical Figures about the spread of IoT
Speculation about the growth of the IoT space has come up with an interesting point of views. All market gurus highly favor the rise of IoT application development technology and see it as the next best thing in modern technology.
The IoT industry could grow to a market cap of almost $1.4 trillion USD in the next 3 years. As quoted by the sources in Business Insider, the number of devices that will be connected to the IoT framework could easily cross 24 billion devices. Although, this number allocates a high percentage of business and government use.
There is still a lot of scope for consumer services supported by IoT devices. Even automobiles could be linked to the IoT domain and approximately a quarter billion vehicles could be connected to the internet.
China and the United States could be the largest markets for the IoT by the year 2024 with over 27 billion machine-to-machine linkages.
5. Vulnerability of IoT
This is a definite negative aspect of the IoT, but it is necessary to understanding the darker aspect of the Internet of Things.
One of the studies conducted by HP states that devices connected to the IoT can be hacked. The numbers suggest that over 70% of all the devices in the IoT are vulnerable to cyber attacks. One of the recent scenarios involves a healthcare facility where the clinical systems were target successfully.
A renowned consulting group called Altman Vilandrie and Company scrutinized over 19 industries. The result demonstrated that a lot of data can be breached through the IoT networks.
IoT has a vital role to play in the near future. Machines would dominate most of the routine and mundane activities. The IoT will allow users to command and operate machines with ease.
This would definitely make human lives more convenient and improve the quality of life. A great amount of time can be saved by automating devices which will perform the mundane tasks on a fixed schedule. The IoT currently might still have glitches and possibly expose data to a security breach.
But there are also untold possibilities of the IoT technology which can substantially revolutionize the whole world.