The Potential of the Internet of Things is Massive

Iot Cloudtweaks

The Potential Of The Internet of Things

Here’s a quick statistic that will blow your mind and give you a glimpse into the future. When you break that down, it translates to 127 new devices online every second.

In only a decade from now, every single vehicle on earth will be connected to the Internet of Things (IoTs), according to Mobile Future, an association of cutting-edge technology and communications companies.

And while that’s impressive, it’s only a shadow of where technology and the sector is going.

The scale of the changes sweeping in and reshaping every aspect of our lives is phenomenal. Study after study delivers jaw-dropping numbers about the potential impact from the Internet of Things, and we’re only getting started.

Wearable Technology Use Doubling Each Year

Multinational software company Adobe speculates that almost 87% of consumers still know very little about the rapidly advancing connected future. Wearable technology is one of the areas where consumers are gaining awareness, thanks in large part to the marketing reach of Apple and the launch of Apple Watch in 2015. As the year comes to a close and more and more companies launch wearables, mainstream awareness grows. Mobile Future suggests that the amount of wearable technology in use is doubling every year and 71% of consumers say that wearable technology has improved their health and fitness.

But if health and fitness are at the cutting edge of the internet of things, it’s the connected home that really gets tech wizards and investors salivating. “Nearly three-quarters of homeowners said they want a self-adjusting thermostat, according to a new survey from Icontrol. That finding makes smart thermostats the most coveted device, ranking slightly above home monitoring cameras, internet-connected door locks and automatically adjusting lights.’’

And not far behind those devices, is the arena of entertainment where projections are of a staggering $56 billion market by 2018.

Shawn DuBravac is an analyst who is extremely bullish about the dawning of this connected age, or what he calls “the Internet of me”. The author of Digital Destiny lists the ‘’5 pillars of our Digital Destiny” as being ubiquitious computing, cheap digital storage, constant connectivity, a proliferation of devices and the ‘sensorization of technology. Right now, those pillars are converging and are being realised. Speaking at the 2015 Consumer Electronics Show, DuBravac foresees “an even bigger universe of products, consisting of everything from internet-connected thermostats to smart toothbrushes. Within a few years, he says, the market for such products will reach 50 billion devices, compared to the current smartphone market of 2 billion units.”

It’s not just the home or the car. Every aspect of our lives, from the military to agriculture, energy, education and health will be reshaped by the connectivity of the devices within the sectors. 44 zetabytes of data will be exchanged between connected devices by 2020, a number that defies imagination.

The Next Gold Rush

The Internet of Things has captured the imagination of businesses worldwide who are foreseeing the next gold rush and are determined to be a part of it. 94% of all businesses have seen a solid return on their investment into IOT and the upside is still enormous, according to Adobe’s CMO.

In fact, only 0.06% of things that could be connected to the Internet currently are, which means 10 billion things out of the 1.5 trillion that exist globally are currently connected. The McKinsey Global Report estimates that this could all end up adding $11 trillion per year to the global economy by 2025

This is what it feels like to be standing on the edge of a brave new world.

By Jeremy Daniel

Texture Cloud

Building a Cloud Roadmap

Cloud Roadmapping Why is it important to have a cloud roadmap? What's the best way to begin building a cloud roadmap? What points should a cloud roadmap include? Who should be included in the roadmap ...
Data Issues DBMS

Advantages of Database Management Systems (DBMS)

What Is A Database Management System (DBMS)? (Updated: 04,22,2020) A Database Management System, or DBMS, allows its users to create, read, delete and update data within a database. The management system works as an interface between ...
Darach Beirne

Raising the Bar for Business Communications with Deep Customization of WebRTC

Business Communications and WebRTC By Darach Beirne, Vice President of Customer Success at Flowroute, now part of Intrado, and Julien Chavanton, Voice Platform Architecture Lead at Flowroute, now part of Intrado With rising customer demand ...
Madhaven Krishnan

Steps To Achieve Hyper Productivity With Your Digital Apps Development

Achieve Hyper Productivity The mobile and cloud revolution in enterprise IT is well underway and is already causing never-before--seen changes in the way apps are developed, managed and transformed. The driving factors behind these changes ...
Matt Holleran

Cloud Platforms, Marketplaces, and Startups

Cloud Platforms, Marketplaces, and Startups One of the most exciting recent developments in the cloud software business is the proliferation of partner ecosystems, with large public and late-stage private cloud companies creating their own marketplaces ...
Anita Raj

Post-COVID: What decisions are leaders taking about digital transformation in 2021?

Digital transformation in 2021 If organizations were once only talking about digital transformation (DX), in 2020, it was all about translating that talk into some real action. When the pandemic hit and businesses were disrupted, ...