IoT is among the fascinating terms for most people. Around 87% of people haven’t heard of the term ‘Internet of Things’ before. Most of us who knows a bit or two about IoT, think it is the thing of future. But what we don’t know about IoT is that we are surrounded by IoT devices for decades and are an active user of it.
Because of the IoT, now more and more electronic devices are connected to the internet and are talking to each other behind our backs.
Image Credit: Webisoft
Here are 9 exciting facts about IoT that prove IoT is becoming the next big thing:
1. IoT is around us for decades
Have you heard about remote-controlled drones that everyone is using these days?
Yes, the drones are the fine example of IoT enabled device. But let me tell you, drones are not among the first IoT devices that we are seeing now.
One of the earliest classic examples of IoT enabled devices is from the early 1970s when our first ATMs (Automated Teller Machines) went online.
And it’s been decades since we are using these connected ATMs.
2. Big businesses are already on it
Back in 2008, there were already more objects connected to the Internet than the number of people on Earth.
Morgan Stanley via BI Intelligence estimates that we will be surrounded by more than 75 billion IoT devices by 2020 which roughly means 7 devices per person alive at that time.
3. $60 trillion investment
GE (General Electric) is using the concept of IoT from years in building its jet engine technology.
GE claimed that investments in the industrial IoT (IIoT) devices would hit $60 trillion over the span of next 15 years.
And as per IDC, worldwide spending on IoT will cross the $1.7 trillion mark by 2020 which is at $800 billion this year.
4. Big businesses are already ahead of the curve
Last year, in a research conducted by Forrester, found that 23% of big global enterprise businesses opted more IoT solutions, compared to just 14% of small and medium-sized businesses.
5. The dark side of IoT
With the rise in IoT devices, the security breaches are becoming a thing of concern as well. Nearly half of the US businesses reported that their IoT data was compromised. A strategy consulting group Altman Vilandrie & Company surveyed about 400 IT decision makers across 19 industries. And it was found that about half of those companies experienced an IoT related data breach.
6. The wearables market is growing with worth $25 billion by 2019
As per CSS Insight, the wearable market could grow to $25 billion by 2019. These wearable devices like fitness trackers, smartwatches are connecting more regular customers to the IoT. The era of Internet-connected clothing is coming, estimates predict that we will see an inward shipment of 10.2 million units by 2020, which was just 140K units in 2013.
7. A $53 billion smart home market
Smart homes are not a thing of future anymore. People have already started adopting smart home appliances like Nest thermostat, Philips Hue, and other home automation devices. As per a research did by a company named Zion, the smart home automation market could grow to the staggering number of $53 billion by 2022.
8. Promising positive ROI
Around 94% businesses who adopted IoT in some way have seen a return on their investment.
9. Smart and automated driving is coming
We are about to experience the internet connected smart cars and automated driving. Gartner says, by 2020, a quarter of a billion vehicles will be connected to the internet for improved in-vehicle services and automated driving.
By the way, Google has already built and continuously testing the autonomous driving 10,000 miles per week.
We can conclude that “Internet of Things” is far bigger than anyone realizes.