What Is IoT?
The Internet of Things (IoT) is improving the connectedness of people and things on a scale that once was unbelievable. The number of connected devices will reach 26 billion, creating $1.9 trillion economy by 2020. The speed of IoT market approval is increased due to:
» Growth in analytics and cloud computing
» Increasing inter connectivity of machines and personal smart devices
» The proliferation of applications connecting supply chains, partners, and customers
Nowadays, computers and the Internet are totally dependent on human beings for information. Approximately, 50 petabytes (a petabyte is 1,024terabytes) of data available on the web were first captured and created by human beings by typing, pressing a record button, taking a digital picture or scanning a bar code.
Let's start with understanding a few things.
Broadband Internet is widely available, the cost of connecting is decreasing, more devices are being created with Wi-Fi capabilities and sensors built into them, technology costs are going down, and smart phone penetration is sky-rocketing. All of these things are creating a perfect storm for the IoT.
So What Is The Internet Of Things?
It is the concept of connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. This also applies to components of machines, for example a jet engine of an airplane or the drill of an oil rig. As we mentioned, if it has an on and off switch then chances are it can be a part of the IoT. The analyst firm Gartner says that by 2020 there will be over 26 billion connected devices that a lot of connections (some even estimate this number to be much higher, over 100 billion). The IoT is a giant network of connected things (which also includes people). The relationship will be between people to people, people to things, and things to things.
How Does This Impact You?
The new rule for the future is going to be, anything that can be connected, will be connected. But why on earth would you want so many connected devices talking to each other? There are many examples for what this might look like or what the potential value might be. Say for example you are on your way to a meeting, your car could have access to your calendar and already know the best route to take, if the traffic is heavy your car might send a text to the other party notifying them that you will be late.