Facts about the “Internet Of Things” - Good or evil?

A while ago the Internet of Things, or short IoT was made a term known to most tech people in the internet business. The Internet of Things, or another term sometimes used the Internet of Everything (IoE), is a term that refers to interconnected devices or objects, which use the Internet as their main transport of information. Devices which can be categorized into this category of smart devices could be a smartwatch, health monitoring watches, a smart TV set, and as things turn out and evolve, even your refrigerator can be smart. All these devices collect information, transfer this information via the internet and contribute to the so called Big Data World, which nowadays constantly surrounds us.

Smart devices have already started transforming our world, and have started changing business the way we know it. For the “new bees”, I’ve compiled a couple of facts which make the IoT stand out and which will summarize why the IoT is not a phenomenon that will pass, but is here to stay for good.

  1. A large number of people have never heard the term “Internet of Things”. In studies 87% of people answered that this term was not in their knowledge.
  2. The first IoT objects are ATMs and date back to 1974.
  3. In 2008 more objects connected to the Internet than people on the internet.
  4. In 2015 a mind blowing 4.9 billion Objects and things [1] connect to the internet.
  5. By 2020, the number of Internet-connected things will potentially exceed 50 billion [2] .
  6. In 2015, over 1.4 billion [3] smart phones were shipped and by 2020 a staggering 6.1 billion [4] smartphone users will be reached on planet earth.
  7. Many of the devices we daily use in our homes will be connected to the Internet. Companies like Google and Samsung have already invested billions into IoT technology companies.
  8. By 2020, a 250 Million vehicles [5] will be connected to the Internet, allowing things like automated driving and navigation, but also other services being able to be delivered in these vehicles.
  9. Self-driving cars are already a fact – Google’s self-driving cars already drive 10,000 autonomous miles per week [6].
  10. The global market for wearable devices has grown 223% [7] in 2015, Market Leader Fitbit shipped 4.4 million devices and Apple sold 3.6 million Apple Watches [8] .
  11. Internet-connected clothing is coming. A 10.2 million units of smart clothing [9] will ship by 2020.
  12. General Electrics estimates that the “Industrial Internet” (sub term for IoT) will add $10 to $15 trillion [10] to the global GDP within the next 20 years.
  13. McKinsey Global Institute estimates that the IoT will have a total economic impact of up to $11 trillion [11] by 2025.
  14. Smart connecting of a kitchen could safe your household 15% [12] of your budget for food and beverages annually.
  15. Cloud Data and File Storage is a form of IoT appliance. Data objects are stored and processed while making them accessible across many devices which are connected and will be connected to the Internet.

Resume

The above facts visualize that the Internet of Things will grow in the upcoming years while being able to monitor our health and connect our digital lives even further. By now only a very small potential of such interconnectivity is leveraged and the potential for society could be tremendous if applied for the greater good of people.

The Internet of Things can be an advancement to humanity. While we need to take many facts into account when speaking about “connecting” things and data in general, such as Privacy and Data Protection, which have been negatively in the global press lately. We at CodeCoda believe that the responsible handling of data is a vital point to success in an ever interconnected world. CodeCoda as an ambassador to the IoT world and would like a public discussion for the relevant industries to be measured, and best practices being defined.

References:

  1. Gartner Press Release
  2. CISCO IoT Opportunities
  3. Smartphone Shipment Forecast
  4. Ericsson Mobility Report
  5. Gartner Press Release
  6. Google Report on Self-driving cars
  7. IDC Worldwide Wearables Market Report
  8. Forbes – Smart Watches
  9. Wearable Device Market Article
  10. GE Industrial Insights Report
  11. McKinsey Internet of Things Report
  12. Gartner IoT Predictions