Did You Know 87% of People Have NOT Heard the Term IoT?

Did You Know 87% of People Have NOT Heard the Term IoT?

The purpose of this blog is to convince you with facts that The Internet of Things or sometimes called IoT is here and it’s growing rapidly.

10 of the most mind-boggling IoT numbers and stats that prove that the phenomenon is here to stay.

Internet of Things (IoT) or Internet of Everything (IoE) refers to devices or objects that are connected to the Internet, like your connected home, smart watch, or even your refrigerator. These devices are able to collect and transmit data via the Internet, contributing to our big data world. Big data (the power of data that one can collect from these connected devices) is a topic for another day.

Smart, connected devices are already transforming our world and the competitive forces in business. To demonstrate how fast this sector is growing and what an impact it will have on our lives and business, I’ve rounded up 10 of the most mind-boggling IoT numbers and stats that prove that the phenomenon is here and here to stay.

1. One of my first projects at TELUS was connecting a bank’s ATMs national network using the wireless network. ATMs are considered some of the first IoT objects, and went online as far back as 1974.

2. This year in 2017, we will have 4.9 billion connected things.

3. The IoT will connect many of the devices we have in our homes, from smart thermostats to smart fridges. Companies like Google and Samsung understand this. Google bought smart thermostat maker, Nest Labs, for >$3.2 billion, and Samsung purchased connected home company SmartThings for $200 million.

4. By 2020, a quarter of a billion vehicles will be connected to the Internet, giving us completely new possibilities for in-vehicle services and automated driving.

5. In fact, we already have cars that can drive on their own – Google’s self-driving cars currently average about 10,000 autonomous miles per week.

6. The global market for wearable devices has grown 223% in 2015, with Fitbit shipping 4.4 million devices and Apple selling 3.6 million Apple Watches.

7. And yes, Internet-connected clothing is coming. Estimates predict that 10.2 million units of smart clothing will ship by 2020, compared to a meagre 140K units in 2013.

8. Having a connected kitchen could save the food and beverage industry as much as 15% annually.

9. CISCO believes the IoT could generate $4.6 trillion over the next ten years for the public sector, and $14.4 trillion for the private sector.

10. The IoT is only going to grow. I believe that currently less than 0.1% of all the devices that could be connected to the Internet, are connected to the Internet.
Now take a deep breath and just think of the tremendous potential and limitless opportunities this brings for business and society.

 

Want to know more – visit our LinkedIn posts or blogs at www.markitech.ca; or send me an email at nauman.jaffar@markitech.ca for further discussions on your IoT & digital transformation needs and how it can impact your business.

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