INTERNET OF THINGS
WHAT IS
INTERNET OF THINGS
A proposed development of the Internet in which everyday
objects have network connectivity, allowing them to send and receive data.
EXAMPLES:
17 THINHS
ONE MUST KNOW ABOUT INTERNET OF THINGS:
·
The majority of
people (87%) have not heard of the term ‘Internet of Things’.
·
ATMs are considered
some of the first IoT objects, and went online as far back as 1974.
·
Back in 2008, there
were already more objects connected to the Internet than people.
·
This year, we will have
4.9 billion connected things.
·
And some predict
that by 2020, the number of Internet-connected things will reach or even exceed
50 billion.
·
In 2015, over 1.4
billion smart phones will be shipped and by 2020 we will have a staggering 6.1
billion smartphone users.
·
The IoT will connect
many of the devices we have in our homes, from smart thermostats to smart
fridges. Companies like Google GOOGL -1.72% and Samsung understand this. Google
bought smart thermostat maker, Nest Labs, for $3.2 billion, and Samsung
purchased connected home company SmartThings for $200 million.
·
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.
·
In fact, we already
have cars that can drive on their own – Google’s self-driving cars currently
average about 10,000 autonomous miles per week.
·
The global market
for wearable devices has grown to 23% in 2015, with Fitbit shipping 4.4 million
devices and Apple AAPL -2.86% selling 3.6 million Apple Watches.
·
And yes,
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, with China taking a 21% share and the U.S. 20%.
·
GE believes that the
“Industrial Internet” (their term for IoT) will add $10 to $15 trillion to
global GDP in the next 20 years.
·
According to
estimations by the McKinsey Global Institute, the IoT will have a total economic
impact of up to $11 trillion by 2025.
·
Having a connected
kitchen could save the food and beverage industry as much as 15% annually.
·
CISCO believes the
IoT could generate $4.6 trillion over the next ten years for the public sector,
and $14.4 trillion for the private sector.
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