https://en.wikipedia.org/wiki/Internet_of_ThingsThe Internet of Things (IoT) is the network of physical objects or "things" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data.
- 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 -0.59% 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 223% in 2015, with Fitbit shipping 4.4 million devices and Apple AAPL +2.70% 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.