The Internet of Things (IoT) Will Grow To 40 Billion Devices By 2020: Are You Ready ?

Must Read

Apple iPhone 12: Not For India And You Must Not Fall Prey To Apple’s Marketing Machine

The cat is out from the bag, finally! Apple iPhone 12 has launched in the most sophisticated...

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up!

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

The Internet of Things (IoT) can be defined as a scenario where objects, animals or people are provided with unique identifiers and the ability to transfer data over a network without requiring human to human or human to internet interaction. In the internet of things, a thing can be a person with a heart rate monitor implant, a farm animal with a biochip transponder or an automobile that has built-in sensors to alert the driver when the tire pressure is low. Any other manmade object that can be assigned an IP address and provided with the ability to transfer data over a network can be defined as a thing in the internet of things. The main transition for IoT will be from what and why to where and how.

In less than 10 years it might be possible to have internet in your car, fridge, TV, blender, air conditioner, front door and even your wallet. So far, the internet of things remains closely associated with machine to machine communication in manufacturing and power, oil and gas utilities. Products built with M2M communication capabilities are often referred to as being smart.

Kevin Ashton, cofounder and executive director of the Auto-ID Center at MIT, first mentioned the Internet of Things in a presentation he made to Procter & Gamble. Here’s how Ashton explains the potential of the Internet of Things:

Advertisements

“Today computers — and, therefore, the Internet — are almost wholly dependent on human beings for information. Nearly all of the roughly 50 petabytes (a petabyte is 1,024 terabytes) of data available on the Internet were first captured and created by human beings by typing, pressing a record button, taking a digital picture or scanning a bar code.

The problem is, people have limited time, attention and accuracy — all of which means they are not very good at capturing data about things in the real world. If we had computers that knew everything there was to know about things — using data they gathered without any help from us — we would be able to track and count everything and greatly reduce waste, loss and cost. We would know when things needed replacing, repairing or recalling and whether they were fresh or past their best.”

Here is an infographic which states that by 2020, every human being on earth will be connected to 10 devices. This new wave of device overload will open up revenue and advertising streams to a new level.

  • 95% of C-Level executives expect their company to be using IOT in three years time.
  • At least 58% of C-level executives believe that IOT will unlock new revenue opportunities from existing products and services.
  • The potential revenue for IoT is estimated between U.S. 1.2 to 14.4 trillion $.
  • As many as 40 to 80 billion devices will have connected access by 2020.
  • There will be 10 connected objects for every man, woman and child on the planet.
  • In 2013, total spending on IT equipment was U.S. 404 Billion$.
  • 5 billion smartphones in use by 2014 will grow to 8 billion by 2018.

One of the most prominent Internet of Things, soon to appear, will be wearable technology. With the introduction of Android Wear,  Google Inc (NASDAQ:GOOG) is looking to grab the wearable market. For exercising, sports or general information, wearables will soon be an exciting addition to a vast digital arsenal.

IOT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Tesla First Cancels Return Policy And Now Cuts Warranty Period

Just last week Elon Musk surprised everyone by cutting the price of Tesla Model S twice in a week. If that's not...

Personalization Is The Secret Sauce Behind A Successful E-Commerce Business

E-commerce personalization offers an exclusive experience to consumers by showing them product recommendations, content catered to their interests, and offers based on...

Reliance Jio Set To Blitz The 5G Smartphone Market With Jaw-Dropping Price

Cometh the revolution, cometh Reliance. This time the price of 5G smartphones under the radar of Reliance. The trailblazer’s...

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up! Micromax has...

The Future of The Workplace And Retraining in 2020 And Beyond

The pandemic has upturned businesses, lives, and even the outlook of our future. It has caused millions to lose their jobs, and...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This