The Internet of Things, called the IoT, has already permeated our environment. In fact, you’ve probably interacted with it, whether you knew it or not. The IoT describes the population of smart devices that communicate with other devices (or people) through use of the Internet. Some observers have called this the dawn of a new Industrial Revolution because the IoT will transform the way people manage their households, conduct their businesses and interact with their cities. If you’ve missed the news about the IoT, here’s a quick primer.
Facts About the IoT
What are some things that make up the Internet of Things? The IoT contains thousands of connected devices, including cars equipped with automatic emergency calling, smart TVs and thermostats you can control with a mobile app on your cell phone, and even vacuum cleaners that clean your house while you’re still at work. In your office, the IoT may already handle some aspects of administration, customer service and manufacturing, thanks to smart machines that can order their own supplies and send alerts when they need servicing.
These are some facts and predictions about the IoT from Business Insider:
- The population of devices within the IoT is expected to triple within five years.
- Spending on the Internet of Things should reach $6 trillion by 2020.
What’s driving this rapid growth? Companies are using connected devices to run more efficiently and increase revenue. In fact, the corporate world is expected the lead the IoT’s growth for years to come, with the government trailing closely behind. Consumers already have access to some IoT devices, but they’re expected to adapt more slowly. Even though spending on the IoT for average consumers might not peak much in the next five years, smart devices should become widely used in the next few decades. Your children may truly inhabit a world where machines work on their own.
Is Your Company Ready for the IoT?
The Internet of Things can make companies more productive, efficient and even safer. If you’re ready to transform your own company with the IoT, we’re here to help.