What Internet Of Things (IoT) Actually Means

The current success of Internet of Things (IoT) is starting to prove to be as transformative as cellphones and internet connection. Internet of Things is a cloud of devices, gadgets or any mechanical object and their ability to send and receive data over a network even without human intervention. Simply put, IoT is a system of smart machines that could talk between each other without the need for any user. What started as a network of wireless technologies, microservices, micro-electromechanical systems and the internet, IoT promises a lot of potential. Interested? Here are some other tidbits about IoT.

1. The Internet of Things is gonna hit it off really big: According to International Data Corporation, Internet of Things spending is going to boom to a whopping $1.7 trillion in 2020 from just %655.8 billion back in 2014. The ripple effect of this network is changing how tech companies are building their models–that is ‘from IT-enabled business processes to IT-enabled services and finally to IT-enabled products’.

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2. McKinsey Global Institute also studied about the impact of Internet of Things in the economy. According to them, the total economic effect of IoT could reach $11.1 trillion by 2025.

Photo credit: McKinsey Global Institute

3. Think there are too many billion people? According to Cisco, the number of Internet-connected gadgets is still larger than all the people on Earth combined.

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4. IoT could help lessen the cost of manufacturing in oil and gas industry by $90 billion if it could make their operation 1% more efficient.

Photo credit: Ericsson Mobility Report

5. Ten billion out of 1.5 trillion devices in the world are currently connected as IoT

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Here’s an infographic forecast of the industrial Internet of Things

Photo credit: Visual Capitalist