Internet – the invention that rivaled all developments of our time connects with gadgets and objects to prove more actionable, tangible and momentous – offering evolved utility as Internet of Things.
IoT, as we call it fondly, is growing like anything. It can be anything from a smart watch or a fitness tracker to a refrigerator. These are the devices that are connected to the internet allowing you to route your information to and fro through the big data storehouse – helping you to dynamically interact with different aids and utilities of the web world.
Internet of Things
These smart devices are there for quite some time now and have been offering great value to different professional and personal dimensions of lives. If you are a keen follower, you must be acquainted with its technical reach and practical significance across different need verticals. But still there are a few stats and revelations about the phenomenon that not many of us know. Find them all listed out here in 15 amazing facts on IoT.
- Reemphasizing the fact that not many of us know what IoT is all about – there is a report confirming that about 80% of people globally have not even heard of the term Internet of Things.
- Technically ATMs are considered as one of the first IoT objects. And since when, 1974!
- Much surprisingly, till 2008, there were more objects connected to the internet than people.
- By the end of 2015, there were about 5 Billion connected things and by 2020 (as per experts) this number would exceed 50 Billion.
- There were over 1.4 billion smart phones shipped across the globe in the year 2015. And this number has been predicted to reach a whopping 6.1 Billion by 2020.
- IoT is soon going to be an indispensable part of our lives like any other technology we use today. Companies like Google and Samsung have already indicated this by acquiring Nest Labs (smart thermostat maker) for $3.2 billion and SmartThings (home automation) for $200 million, respectively.
- As per studies, by the year 2020, we might be driving an automobile connected with internet – if we chose to own one of those 250 million vehicles (that are being predicted to be powered by IoT). Should include everything and anything from automated driving to in-vehicle service. Forget tracking and entertainment!
- With that you can’t leave the food industry untouched. An internet powered kitchen (which will soon be possible) would bring down the cost for food & beverage industry as much as 15% for a year.
- As a matter of fact, Google is already out with automated self-driving cars (not the concept but the real ones) that are already running on an average of 10000 autonomous miles per week.
- Last year, in 2015, Apple sold out 3.8 million Apple Watches while Fitbit shipped about 4.8 million units, escalating the wearable market by a phenomenal 250% compared to the preceding year. Supersonic, isn’t it!
- As if that were not enough, you can now expect the Internet-connected clothing to show up soon. And they already have estimates with them, talking of a 10 million units of it to be flowing in the market by 2020.
- RFID tags market (market for tracking and identifying objects) today is worth around $12 Billion and is expected to reach a whopping $21.9 Billion by 2020.
- In the beginning of 2016 machine-to-machine connections were over 5 Billion. And by 2024 this number will increase to a massive score of 27 Billion with China leading the market with 21% share, closely followed by U.S. with 20% of total market share.
- Globally recognized American Multinational GE acknowledged the growth of IoT and stated that the Industrial Internet will have a total economic impact of about $10 to $15 Trillion to the world’s GDP, 20 years down the line!
- While McKinsey Global Institute believes that Internet of Things will be contributing up to $11 trillion by the year 2025. Well, that’s just 9 years from now!
As big as it can get! Though this is still the same piece of phenomenon that most of the population is not aware of till date. But in the days to come, they will for sure – as per what all these facts and stats speak out loud!