Facts Everyone Should Know About Internet of Things
The Internet of Things is here and it is growing rapidly. It is becoming an increasingly growing topic of conversation now a days. It’s a concept that not only has the potential to change the way we live but also the way we commute, work and most probably, everything we do. Internet is becoming more widely available, the cost of connection is decreasing, more devices are developed that has Wi-Fi capabilities and sensors built into them. Technology costs are going down and the use of smartphones is sky-rocketing.
Smart and connected devices are already transforming the world we live in and the competitive forces in business. To know how fast this sector is growing; I have listed some facts that everyone should know:
- Most of the people (87%) have not heard about the term ‘Internet of Things’.
- ATMs are considered some of the first IoT objects that we have been using since mid 70’s.
- In 2008, there were more objects connected to Internet than people.
- It is predicted that by 2020, there will be more than 50 billion devices that will be connected to the Internet.
- There will be approximately 6.1 billion smartphone users by 2020.
- By 2020, a quarter of a billion vehicles will be connected to the Internet, which will gives us new possibilities for in-vehicle services and auto-driving.
- The number of wearable devices will surpass 200 million by 2019, due to smartwatch growth and the emergence of smarter watches.
- Industrial internet will add $10 to $15 trillion to global GDP in the next 20 years, states GE.
- McKinsey Global Institute estimates that, the IoT will have a total economic impact of up-to $11 trillion by 2025.
- Connected kitchen could save the food and beverage industry as much as 15% annually.
- The market for RFID tags is predicted to rise to $21.9 billion in 2020, which is currently $11.9 billion.
- CISCO believes the IoT could generate $4.6 trillion over the next 10 years for the public sector and $14.4 trillion for the private sectors.
The IoT in future is only going to grow. I believe that currently less than 0.5% of all the devices that could be connected to the Internet, are connected to the Internet.