The Internet of Things (IoT) refers to the connection of devices to the internet and to each other. It is estimated that by 2020, there will be more than 200 billion connected devices in use. The technology has been around for a while, but the IoT market is just starting to take off.
The growth of the Internet and smartphones have made it possible for more people to have access to and use the internet. Today, there are nearly 3 billion people using the internet, which is almost half of the world’s population. With more than 7.2 billion people on Earth today, this means that only about 42% of people are online and connected. But this number is expected to grow as more people in rural areas gain access to smartphones and start using mobile internet.
By 2023, it is estimated that there will be approximately 50 billion smart devices connected to the Internet of Things (IoT). These devices will range from sensors that monitor air pollution, wearables that track your fitness performance and health vitals, smart home appliances like refrigerators and ovens with Wi-Fi connectivity, automated cars that drive themselves, and much more.
Your home can already tell you when you’re running low on milk and make your coffee for you in the morning. As the technology advances, though, it will be able to do even more. For example, intelligent lights that remember your preferences and adjust automatically; smart thermostats that learn your schedule and keep your house at a comfortable temperature when you’re home; even appliances that remember your favorite settings can all be part of an IoT Connectivity.
Collect data & use it
Data collected from connected objects can help businesses improve their products, processes and services. For example, using an IoT based solution for customer service will proactively alert you when something goes wrong with your product rather than waiting for the customer to complain about it, which will save you time and money.
Simple and easy connections
In a M2M world, devices can interact with one another over the Internet without human interaction. This means that clothes can sense when they need to be washed or even when they need to be washed separately. We are also talking about health monitors on your skin and machines talking directly with each other.
More Household Devices Will Become Connected
Today, most people have some kind of smart device in their home — whether it’s a thermostat or a refrigerator. However, there’s still room for growth in this area — especially as appliances become more connected and advanced. For example, internet-connected washers and dryers are becoming popular because they can send alerts when something’s wrong or when you need to reorder supplies like detergent.
Companies Are Getting on Board
Many companies are starting to invest in IoT technology because it can improve operations and cut costs. According to a recent report from IDC, global spending on IoT is expected to reach $745 billion in 2019 — up 15% from 2018. Companies are using IoT for everything from predictive maintenance to inventory management and employee safety.
The power of big data
Big data has been around for many years now, but with IoT, we have even more data and sensors that collect information about everything from your car to your refrigerator. IoT will help us better understand this data and allow companies to make huge advances in efficiency and customer satisfaction.