IoT is a technology which interconnects object with different specification in order to create a highly inter-operable connection to offer automation. It is a broad term which is spreading its roots in various industries including automobile, textiles, finance, law, healthcare and industry-specific usecases. With the growing popularity, its investment is also increasing at a rapid pace as in 2013 it was about $1.8 billion and increased to $2.9 billion in 2015. Investment is likely to increase by 24% every year in IoT technology.
“IoT is not an industry but rather a technology acquiring potential to change the work culture and environment for betterment.”
- Automatic Teller Machine (ATMs) are the first ever IoT object which went online, back in 1974. basically, they are the first generation objects and currently are almost un-hackable due to the outdated operating system.
- After ATM machines, first actual IoT enable machine was internet-connected vending machine installed at Carnegie Mellon University equipped with sensors. It enabled students to check the availability of stocks and whether the drinks are cold or not.
- IoT technology is majorly used in jet engines for improving the jet engine technology by General Electric by making use of sensors. Complex sensors installed on airplanes generates up to 14 GB of data per flight. Engineers can make use of that data for making improvements in plane’s structure and other systems.
- As predicted by Intel, there will be about 300 Billion connected devices by 2020. IHS reported that there were 15.42 million IoT enable connected devices. And the count is expected to reach 75 billion by 2020. Moreover, wearable technology is contributing highly in the increasing popularity of IoT. In 2016, there were about 28 million connected wearable were shipped by retailers. And it is expected to reach the count of 90 million units by 2020.
- With the increasing number of connected devices investments and money in the certain market is also increasing. Business insider predicts that in next 5 years, there will be about $6 trillion investment in IoT. With the smart technology, IoT has the potential to offer cost-effective services. Take City of Barcelona as instance which is currently saving about $37 million annually by installing IoT enabled smart lighting system. Further, city claims that with this initiative they created about 40,000 new jobs. IoT is also revolutionizing the healthcare sector by making the delivery of healthcare services even better.
- IoT is not only influencing IT sector but is also being embed in government and public sector. Connected vehicles are also setting trend and is expected to reach 75% of new built-in IoT enabled vehicles, as predicted by business insider. SAP reported that great changes will occur with the implementation of IoT in terms of productivity and supply chain performance. Emerging wearable including headbands, baby monitors, movement sensors, heart rate straps etc are also expected to increase the IoT trends.