The Internet of Things is the future
25 Billion Connected Devices by 2020
This estimate from Gartner excludes PC, tablets and smartphones. During 2008 alone, the number of things connected to the Internet exceeded the number of people on earth. As the cost of bandwidth and processing declines, and the performance of sensors improves, more and more devices will be connected everyday.
No Limits on What is Connected
Notwithstanding the growth, currently less that 1% of the things that can be connected are connected. The possibilities are endless of the type of things that will connect, but there are a few areas that will adopt first: homes, cars, wearables and cities. Everything from lightbulbs to refrigerators to floors will turn smart. The car will be the most advanced mobile device possible. Your wardrobe will know where you are, what you are doing and how you feel. And cities be more efficient by monitoring and analyzing water, gas and electricity usage.
Personalization and Customization
Connected devices will generate a massive amount of data about people and enterprises. This will enables businesses to deliver new experiences for users about what they want (personalization) and how they want it (customization) that will impact their daily lives.
Predict the Future
As mentioned above, the Internet of Things is going to generate massive amounts of data. When cars need repairs, smartphone notifications will warn you before going on that long trip to avoid a breakdown on the open road. Or milk will be added to the grocery shopping list automatically because it is running low. More complex scenarios involve companies and devices doing real-time analytics on data to create efficiencies and economic improvements through the avoidance of breakdowns and outages.
Major Vendor Adoption
Apple, Google, Cisco, Intel and Samsung are driving the Internet of Things economy forward by building the IoT platforms. Apple has announced a ‘smart home’ platform, Google rocked the industry with its $3.2B purchase of Nest and Samsung committed $100M to developers to help create an open IoT platform. In addition venture capital investments in IoT continue to soar to record levels over the past two years.
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