Do you really know what it is?
And do you know if it's here yet?
And do you know if it's here yet?
By Vanessa M Castro, Technical Project Manager
At this point, you may have seen over 100 articles illustrating what Internet of Things is, how it is going to change your home, your industry, and even how you communicate. However, the true majority of people cannot explain IoT if they are asked to, without using the words Internet or Things- because let's face it, according to my grammar school teacher that is the correct way to define something, by not using the words of the item in the definition. So try it- can you properly explain IoT to a peer, your child, or your parent? Chances are you had some difficulty in one of those sectors - and you are not alone. IoT is that magical phrase that still causes a little hesitation in all our lives, what does it mean, what is it going to really do. I won't be able to answer all questions, but I am hoping after this you will be able to better understand a few key items about IoT.
The internet of things (IoT) is the network of physical devices, vehicles, buildings and other items–embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.Basically, the term refers to physical objects that are somehow connected to the web and therefore transmit and exchange data (See no Internet or Things in the definition).
The internet of things (IoT) is the network of physical devices, vehicles, buildings and other items–embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.Basically, the term refers to physical objects that are somehow connected to the web and therefore transmit and exchange data (See no Internet or Things in the definition).
In 2008, the number of devices connected to the Internet surpassed the number of people using the Internet. Today, we have over 10 billion connected objects in the world and by 2020, this is predicted to rise to 50 billion.
So why should we care? We live in the age of data, more information at your fingertips than you know what to do with. To put this in perspective, the same amount of data that was generated from the dawn of time up to 2008 will soon be generated every 10 minutes, and it will only continue to get faster. And rather than being a passing fad, the Internet of Things is only growing as innovative people and companies imagine new uses for connected objects. Just take a look at some of these staggering statistics:
So why should we care? We live in the age of data, more information at your fingertips than you know what to do with. To put this in perspective, the same amount of data that was generated from the dawn of time up to 2008 will soon be generated every 10 minutes, and it will only continue to get faster. And rather than being a passing fad, the Internet of Things is only growing as innovative people and companies imagine new uses for connected objects. Just take a look at some of these staggering statistics:
- In 2008, there were already more Internet connected objects than people. By 2020, that number is expected to grow to more than 50 billion objects, according to Cisco.
- Projections estimate that the IoT market will sell more products than the PC, tablet, and phone markets combined.
- Yet surveys show that almost half of Americans aren't aware that things like smart refrigerators and toasters are already on the market.
- On the other hand 69 percent of Americans surveyed are concerned about data security, and believe they should own the data generated by any personal IoT devices.
- We don't have to worry about running out of IP addresses (each connected thing needs one), because the latest version IPv6, has enough that there are 100 IP addresses for every single atom on earth.
- Just 10 percent of cars were connected to the Internet in 2012. By 2020, it's estimated that 90 percent will be.
- 60 percent of consumers say they would be willing to share data from their cars with the manufacturer if they were gifted one free maintenance session in exchange.
- GE estimates that if IoT technology can make oil and gas exploration and development even 1 percent more efficient, they can save $90 billion.
- GE estimates that IoT technology for industry has the potential to add $10 to $15 trillion to global GDP over the next 20 years.
- Morgan Stanley estimates that driverless cars will generate $1.3 trillion in savings in the U.S. alone, and $5.6 trillion in savings worldwide.
- As of 2013, one in 10 Americans over the age of 18 owned an activity tracker — but more than half of those no longer use it, and a third stopped using it within the first six months.
- Connected homes will be the largest sector for IoT technologies for a while; by 2019 it's estimated to be a $490 billion market, which is probably why Google acquired Nest (smart thermostat makers) for $3.2 billion.
Number 12 is really the most startling item with regards to our industry. You can be saying that you may not allow IOT to enter your home anymore than it already is. Well, Estimates say that five years from now, 20 percent of U.S. consumers will own a smartwatch or smart refrigerator. And as probably one of the few Gen Y'ers who have yet to own a SmartWatch- I will say it's on my christmas list, but a smart fridge might outrank it.
This huge increase in data means we can use it to create a smarter world, where buildings sense and predict temperatures outside and adjust heating or air conditioning systems inside, where cars will drive themselves, where electricity and water grids self-diagnose problems, where your alarm clock monitors your sleep and wakes you up at the right time so your body doesn't feel tired and where your baby's diaper tweet you when it needs changing.
A futuristic vision? No, all of these things are already here today.
This huge increase in data means we can use it to create a smarter world, where buildings sense and predict temperatures outside and adjust heating or air conditioning systems inside, where cars will drive themselves, where electricity and water grids self-diagnose problems, where your alarm clock monitors your sleep and wakes you up at the right time so your body doesn't feel tired and where your baby's diaper tweet you when it needs changing.
A futuristic vision? No, all of these things are already here today.