According to estimations by the McKinsey Global Institute, the Internet of Things will have a total economic impact of up to $11 trillion by 2025. (source: Forbes.com)
So what exactly is Internet of Things? Surveys suggest that most of the people still do not understand what does this term mean or what does it stand for and how it is going to affect the global market. First of all, what is it?
In an article on Todayonline, Bryan Ang explains IoT as “The Internet of Things (IoT) is simply the idea of machines communicating with machines to accomplish tasks without human intervention. On the not so exciting side, it’s as simple as timing your lights and air-conditioning system using an app on your mobile phone. On the very intriguing flip side, we have driverless, autonomous cars.”
Yes, you read that right. IoT basically means that the way you connect yourself to the internet and hence to various other people that you wish to connect with, the same pattern can be followed by connected devices. The basic idea is to create a grid of selected devices which can communicate with each other to make people’s lives easier. Hence, the ‘Internet’ of ‘Things’; just like people.
According to an article published on Forbes.com, the analyst firm Gartner says that by 2020 there will be over 26 billion connected devices. This means the future is out there to shine down on us in a rapidly growing sector of the market which will change the way we live life. Imagine being stuck in traffic and worrying about your fridge out of groceries. But when you reach home, you see the home delivery of fresh veggies and ration waiting for you at the front door because your fridge sent an automatic refill update to your regular grocery store.
Or imagine your bedroom starts warming itself up with the heater before you enter the home and provides you a cozy haven? Too good to be true? No Sir, this is the time of the future.
Internet of Things aims at providing the futuristic perspective on life that we always wanted or dreamed of. With IoT, these things can become the reality very soon. One very popular example we can see of IoT can be that of Uber and Spotify in which your booked Uber syncs its music player with your Spotify account and your songs start playing the moment you get in your car.
This is revolutionary, but that doesn’t mean it comes without its drawbacks. Scientists and marketers alike are pondering over the various points that can prove to be a risk for this technology. There are potential threats of the security breach when everything is digitally connected to every other thing. Not to forget, the amount of data generated by these devices needs proper channelization to make sense of it and that is a herculean task.
Despite these potential drawbacks, IoT is here to stay and become the best bet in the market pretty soon. A lot of people want in on this, but the clear picture might take some time to fall in place.
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