The IoT has been labeled as ‘the next industrial revolution’ due to the way it would alter the way people live, work, travel, entertain and how businesses and governments interact with the world.
THE IoT REVOLUTION IS STARTING
The Internet of Things revolution is picking up speed and would change the way that people all over the world live, work and entertain in a million ways huge and small. From agriculture to defense, from retail to healthcare, all will be affected by the growing ability of governments, businesses and consumers to connect to as well as control their environments.
EXPLOSION AT 2020
By 2020, there would be 24 billion IoT devices installed all throughout the world. As a matter of fact, it is predicted that each day this year would see 5.5 million new things being connected. The IoT surrounds people in their daily lives, from the way they live and how they communicated. The Internet of Things is a network of internet-connected objects, which could collect and exchange data with no need for human-to-human or human-to-computer interaction.
WHAT THE WORLD WILL LOOK LIKE IN 2020
Investment into the Internet of Things by 2020 would be sizable, with an estimated 24 billion devices installed, in comparison to 5 billion in 2015. The following are what the world would be in 2020:
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- $6 trillion would be invested between now and 2020.
- Demand for internet services would increase around 40 percent.
- Sensors would be more low-cost
- Almost $6 trillion would be spent on IoT solutions for the next five years
- Businesses would be the top IoT solutions adopter
IoT WOULD BE HUGE IN VARIOUS WAYS
The Internet of Things would be huge in various ways. The forces that drive it and the benefits that motivate it are growing more and more as more and more organizations, technologies and industries catch the Internet of Things bug. The Internet of Things (IoT) will be huge in several ways. The forces that are driving it and the benefits that are motivating it are increasingly numerous, as more and more organizations, industries, and technologists catch the IoT bug. The number of connected devices on the Internet of Things would be great. One estimate says that the amount would be almost 40 billion, that’s approximately 30 devices for every active social network user worldwide.
FIVE KEY FACTORS THAT FUEL IoT GROWTH TODAY
1. Economies of Scale. The cost of components, like modules, chipsets, sensors and network expenses are falling due to the high IoT solutions and would continue to further reduce. Government investment in a lot of countries in Smart Cities and Smart Grid would also support the trend.
2. Analytics. The advent of Big Data technologies has altered the way that people look at data. The inference that’s derived from contextual sensor data could suggest where a business is heading, the changes required to keep the business thriving in the long term, predict failures as well as adopt preventive methods that’s derived by machine learning, enabling further to lower costs and boost customer satisfaction.
3. Ubiquitous connectivity. There’s an avalanche of connectivity technologies in the market, offering connectivity at different levels, which would accelerate scale and adoption on how devices could connect to one another or the cloud.
4. Cloud architecture. The IoT cloud model leverages the way business is done. Nowadays, workforces all over the world could access the cloud anywhere. Businesses now could access the workforce and websites even located at remote corners of the globe. IoT solutions that are cloud-based are flexible and makes fast adoption possible.
5. Ecosystem. The ever growing number of participants in the Internet of Things landscape pose new challenges and also bring the benefit of collective experience. Certification and standardization bodies would be helpful in maintaining interoperability of different devices and components.
IoT DEVICES CONNECTED TO THE INTERNET
The Internet of Things connected to the internet would more than triple by the year 2020, from 10 billion to 34 billion. The devices would account for 24 billion, while traditional computing devices, like smart phones, smart watches, tablets and more would comprise to 10 billion.
IoT TECHNOLOGY INTERACTION
Most people interact with the internet of things technology daily. Some everyday examples include:
- Wearable fitness trackers
- Smart home devices like smart thermostats
- Smart watches
- Smart phones
The impact of IoT in 2020 is not limited to our daily life as employees and consumers. Also, it would lead to innovative changes in the IT infrastructure that companies depend on.