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As the biggest brains in technology have said, the Internet of Things (IoT) is set to
be "the next Industrial Revolution" with the way it will affect the world around us.
Are they right? Will people will inevitably change their lifestyle and will
governments evolve?
Well, take a moment to consider the following:
The brand new car you just bought that came with all the
new apps That smart device you control your homes temp and lighting
with
That wristband that tracks your daily step count and calorie burn
The app that tells you what medication you need & when to take it
Since 8 years ago, when the first glorious smartphone was released to the public,
new ideas and methods to expand the Internet of Things has consistently
emerged. This exponential growth has set us on a path to where many experts are
saying that by 2020 the IoT will be experiencing explosive growth.
50 billion devices, to be exact.
Cheap and efficient computing ability and free internet connectivity are the
driving forces making these advances possible. When we think of the Internet of
Things, we often use the metaphor Smart everything .
Likely, you e already heard a lot a out the o su er-facing flagship IoT devices
like the recent Apple Watch and home control device Nest .
Nests self-learning home device makes homes more energy efficient while
allo i g you to ti ker ith your ho es differe t fu tio s fro a re ote
location. This kind of technology is the key to the future of the smart city which
e thi k ell egi hearing a lot more about in the coming years. Nest and Apple
Watch are tiny pieces to a large puzzle. Chief of technology at Ratheon, Michael
Daly says these de i es do t operate o a i di idual asis, theyre i fi itely
connected with other online networks.
To really drive this point home, we looked into a recent BI Intelligence study and
found the following:
Just about $6 trillion will be funneled into IoT devices during the next five
years.
For-profit companies will be the number one driver of IoT solutions. These
businesses will adopt them rapidly because of three core reasons 1- Less cost
of operation 2- Raising total productivity 3- faster expansion into new
markets and better product offering development.
The governing bodies of the world are generally concerned with increasing
their employee efficiency, lowering their operational costs, and making the
sta dard of li i g etter for those theyre go er i g. They are predi ted as the
second most powerful force driving IoT solutions forward.
Consumers will only adopt the most convenient IoT devices as they will be
third in driving this growth forward. Regardless, consumers will still be
accountable for a significant purchase number of IoT devices in the coming 5
years.