How Many Facts Do You Know About Internet Of Things Out Of These 10?

IoT is all around us. We use it but hardly go into the details of this technology. In simple terms, it is the Internet but in a bulk amount. IoT refers to an ecosystem of everyday objects such as smartwatches, refrigerators, heart monitors, and more – in short: all those objects have their individual IP address and thus the ability to transfer data over a network with manual assistance or intervention.

The popularity of the Internet of Things is rising day-by-day and soon, our smartphones could be tracking everything from our health to what we wear. Via voice command, we’ll get to control tasks such as brewing our morning coffee and asking our fridge about what’s for dinner.

Since the Internet of Things has become a part of our lives, we have rounded up 10 interesting facts that make this technology such a huge deal in our daily lives. Let’s check them out:

#1 Still Unknown

Though IoT is here for decades, still, 87% of people haven’t heard about IoT. This is especially interesting as some of these people might already be benefiting from this technology while not being aware of it.

#2 IoT Is An Old Player

Just because “IoT” is doing rounds a lot nowadays, doesn’t mean it is new in town. ATMs were the first IoT products, online in 1974, while a Coke machine was one of the first internet-connected appliances at Carnegie Mellon University in 1982 whose sensors allowed students to check whether the machine was stocked and drinks were cold.

#3 Trillions Of Investment

The world famous GE (General Electric) has been using the IoT for years to track the performance of its jet engines. Its fleet of sensors is reporting more than 14 gigabytes of operating data per flight which is analyzed by big server systems on daily basis. According to them, the way the investment in the IoT is going, the investment in its niche sibling, the Industrial Internet of Things (IIoT) will hit $60 trillion in the coming 15 years.

#4 IoT For All

According to estimates, individuals will soon use at least two to six connected devices – making the IoT an integral part of our lives. How many are you using already?

#5 Economic Growth

IoT is contributing a lot to the world economy. With almost every industry having embedded IoT into their services, the returns are in billions and trillions. Taking the energy industry as an example, by 2019, smart grids have the potential to deliver more than $130 billion annually in economic benefits in the US alone, according to McKinsey.

#6 Big Business Already Implement IoT

Huge companies like IBM, Microsoft, Cisco, Hitachi, have already implemented IoT in their businesses and are benefitting from it for years. The revenue generated from their IoT solutions is breaking records every year.

#7 More IoT Devices Than Humans

Patrick Tucker (Author of The Naked Future: What Happens In A World That Anticipates Your Every Move?) noted that back in 2008, the number of internet-connected devices was more than there were human beings on the planet and estimates that this number will rise to 50 billion in 2020.

#8 Connecting Everything

The way IoT is being rooted now, it will soon connect each and everything in our home with one another, from the AC to smart thermostats. Already, tech companies like Google and Samsung are coming up with these devices and the day is here that we have Internet-connected clothing as well. According to Tractica, 10.2 million units of smart clothing will ship by 2020, compared to a meager 140K units in 2013.

#9 Vehicles Moving On Their Own

Self-driving cars are already on the road. But, our driving experience will get even smarter in the future. By 2020, the majority of vehicles will be connected to the internet and will be able to replace drivers. Apart from parallel parking and avoiding collisions, such IoT infused self-driving vehicles have a much greater potential by eventually reaching full autonomy (level 5).

#10 Comfort & Cost Savings

IoT is said to save huge amounts of money for several organizations. Talking about the comfort, emerging IoT devices like heart rate straps, baby and pregnancy monitors, headbands, posture monitors, movement sensors, wearable patches etc. will bring about a tremendous revolution in the lives of people.

Conclusion

The future of IoT is indeed exciting and knowing these interesting facts, we can expect a promising future. All we can say is that IoT holds the potential to transform our present into something we have never even dreamed of.

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