The current success of Internet of Things (IoT) is starting to prove to be as transformative as cellphones and internet connection. Internet of Things is a cloud of devices, gadgets or any mechanical object and their ability to send and receive data over a network even without human intervention. Simply put, IoT is a system of smart machines that could talk between each other without the need for any user. What started as a network of wireless technologies, microservices, micro-electromechanical systems and the internet, IoT promises a lot of potential. Interested? Here are some other tidbits about IoT.
1. The Internet of Things is gonna hit it off really big: According to International Data Corporation, Internet of Things spending is going to boom to a whopping $1.7 trillion in 2020 from just %655.8 billion back in 2014. The ripple effect of this network is changing how tech companies are building their models–that is ‘from IT-enabled business processes to IT-enabled services and finally to IT-enabled products’.
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2. McKinsey Global Institute also studied about the impact of Internet of Things in the economy. According to them, the total economic effect of IoT could reach $11.1 trillion by 2025.
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3. Think there are too many billion people? According to Cisco, the number of Internet-connected gadgets is still larger than all the people on Earth combined.
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4. IoT could help lessen the cost of manufacturing in oil and gas industry by $90 billion if it could make their operation 1% more efficient.
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5. Ten billion out of 1.5 trillion devices in the world are currently connected as IoT
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Here’s an infographic forecast of the industrial Internet of Things
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