Facts about the Internet of Things
- IoT has been around us for decades - One of the earliest classic examples of IoT enabled devices is from the early 1970s when our first ATMs (Automated Teller Machines) went online.
- Big businesses are already on it - Morgan Stanley via BI Intelligence estimates that we will be surrounded by more than 75 billion IoT devices by 2020 which roughly means 7 devices per person alive at that time.
- $60 trillion investment - GE claimed that investments in the industrial IoT (IIoT) devices would hit $60 trillion over the span of next 15 years.
- Big businesses are already ahead of the curve - Last year, in a research conducted by Forrester, found that 23% of big global enterprise businesses opted more IoT solutions, compared to just 14% of small and medium-sized businesses.
- The dark side of IoT - With the rise in IoT devices, the security breaches are becoming a thing of concern as well. Nearly half of the US businesses reported that their IoT data was compromised.
- The wearables market is growing with worth $25 billion by 2019 - As per CSS Insight, the wearable market could grow to $25 billion by 2019. These wearable devices like fitness trackers, smartwatches are connecting more regular customers to the IoT. The era of Internet-connected clothing is coming, estimates predict that we will see an inward shipment of 10.2 million units by 2020, which was just 140K units in 2013.
- A $53 billion smart home market - Smart homes are not a thing of future anymore. People have already started adopting smart home appliances like Nest thermostat, Philips Hue, and other home automation devices. As per a research did by a company named Zion, the smart home automation market could grow to the staggering number of $53 billion by 2022.
- Promising positive ROI - Around 94% businesses who adopted IoT in some way have seen a return on their investment.
- Smart and automated driving is coming - We are about to experience the internet connected smart cars and automated driving. Gartner says, by 2020, a quarter of a billion vehicles will be connected to the internet for improved in-vehicle services and automated driving.
By the way, Google has already built and continuously testing the autonomous driving 10,000 miles per week.