Examining Internet of Things ( IOT)
Ten years ago there were about 500 million devices connected to the Internet. Today, that number has grown to between 10 and 20 billion.
By 2020, there will likely be 40 to 50 billion.
The internet of things (IoT) is the ever growing network of physical devices, vehicles (also referred to as "connected devices" and "smart devices"), buildings and other items—embedded with electronics, software, sensors, actuators, and network connectivity, that enable these objects to collect , manage and exchange data.
IOT has spawned into other segments like IIOT ( Industrial Internet of Things), focussing on Industrial applications and IOE (Internet of Everything) ,which is a broad term, that refers to devices and consumer products connected to the Internet and outfitted with expanded digital features.
Many of these will be devices we are familiar with today: laptops, tablets, smartphones. But far more will be physical objects whose main function, without any human intervention, will be to capture data (typically via sensors) and then transmit it elsewhere over the Internet where it can be stored and analysed to enable better decision-making.
IOE , coined by Cisco, primarily comprises of information interexchange between People<-->Process<-->Data<-->Things
- Source Cisco
Soon every industry, and virtually every company, will be not only affected, but transformed by IoT. In combination with other developments such as cloud computing, smart grids, nanotechnology and robotics, IoT will usher in a period of greater economic efficiency, productivity, safety, and profits.
Value Potential of IOT
- Source Mckinsey