What exactly is the Internet of Things (IoT), I hear you ask? Simply put, it is the connection of a multitude of devices that connect to the internet and can be monitored or controlled by authorised users from any location that is connected to the internet.
It may seem like an extravagant development at first – to be able to switch on the heating of your home or your home AC as you drive home from work – but when you realise what is becoming available and possible, then you realise what a powerful a tool you have at your disposal. You can also quickly appreciate how much more efficient you can become as an SME or a startup.
It is estimated that in 2015 some 15 billion devices were connected to the internet in some capacity, and this number could increase to around 30 billion in 2020 and maybe 75 billion devices in 2025. These numbers are significant enough to take seriously, especially as global spending in 2016 was estimated at over $730 billion and set to grow to around $1.2 trillion in 2020, and perhaps near $10 – $15 trillion by 2030 – the equivalent of China’s entire present economy!
For more information click here.