IoT or the Internet of Things is turning into an important topic at most workplaces. Not only can this concept affect people’s lives, but it also can have an impact on how people work. Today, Internet of Things has evolved into a complex terminology, encompassing technicalities and policies, and many businesses are still trying to grasp the meaning of it

Insight into IoT

In simple terminology, Internet of Things refers to the ability to connect any device to the Internet and to another device using an on and off button. Devices can be anything, right from your smartphone and headphones to your washing machine, lamps and coffee makers. If a device has an on and off switch, chances are high it can become part of the IoT

Gartner reckons by 2020, there will be 26 billion devices connected to the Internet. So, this simply makes the IoT into a giant network that connects all devices to foster relationship between people, people and things, and things and things

Trends Related to IoT

IoT takes away the need to manage processes manually. Trends show that implementation of this technology will help collate more data and also allow construction of useful services. Some of the trends related to IoT that businesses can look forward to include:

Blockchain: It is anticipated IoT will boost security of a blockchain, thereby allowing low value devices to become more workable. This also will help make device management easier

App Interface: Today, there is an advent of hybrid clouds and hence APIs or app programming interfaces are vital for enterprises. These interfaces connect information and data to IoT. Hence, enterprises have access to different things within a single network, and they can use this for varied purposes

Stats Related to IoT

Looking at the statistics pertaining to the Internet of Things, it becomes evident how useful and important this concept is.

  • In the present day most IoT-connected devices are not in homes. Rather they are in the industrial and business segment. It is estimated by 2025, world IoT technology will be worth $6.2 trillion, with the majority of amount coming from devices in the healthcare sector.
  • By 2019, companies will be shipping approximately 1.9 billion home devices connected to the Internet and this will enable them to generate $490 billion in revenue
  • By 2020, due to the things connected to the Internet, businesses will enjoy profits and reduction of cost overheads amounting to $19 trillion
  • As of now, just 0.06% of compatible devices and things are connected to the Internet, roughly about 10 billion things out of a whopping 1.5 trillion things across the world
  • By 2020, about 90% vehicles will be connected to the Internet

Excited? We surely are!

IoT is the future technology for smart devices. With people using the Internet and cloud to store and search data, IoT can prove to be an invaluable tool for businesses, both service and goods providers. It also can make people’s lives easier and more connected.

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