“Internet of Things” (IOT) is one term that is repeatedly in use all over the globe. The technology industry is progressing on a everyday basis and Internet of Things is undoubtedly the biggest innovation that is moving towards complete success. If the experts related to the subject are to be trusted, the work is in progress and full usage of the technology is yet to take place.
According to a global research firm, there will be around 21 billion IOT installed devices within the next 5 years. This is calculated to be 5 fold greater than what the industry was last year (2014). Enterprises from around the world will continue their spending on the research and development (R&D) on IOT and the it will spread across several activities other than the connected cars which are already a super success. Connected homes is another concept also known as smart homes that is picking up. The use of connected things is more or less at its peak in the developed countries and it is steadily growing to other less developed or developing nations.
As per the further findings of the Information technology (IT) research firm; there were 3,807 billion IOT installed devices by the end of 2014. There is trillions of network of physical devices (things) with coded technologies that sense or communicate internal and external actions of the physical things. This covers the movements and commands of humans and animals.
Sensor technology is being widely included in several gadgets and also introduced to living things like animals and humans. Use of sensors in smart phones and other electronic devices is one big example of innovation in the sensor technology and there is a lot of potential that promises of loads of developments in the years to come.
IOT is estimated to be worth $490 bn market by 2020 with connected homes being the largest segment
The present estimation of IOT installed units is about 4.9 billion, this is expected to rise to around 6,392 billion by the end of 2016 and surpass 20,000 billion units by 2020. Various applications are likely to be in use by the next few years which will grow the IOT technology and upgrade to a better stage.
Out of the 4.9 billion IOT units 3,000 billion+ units are consumer based, 632 billion are cross-industry business and rest belong to vertical business applications. Studies indicate that cross-industry devices will be the most connected things around the globe by 2020.