What is IoT?
Introducing The Internet of Things (IoT)
$1.7 Trillion estimated Market Value of IoT by Year 2020*.
The Internet of Things (IoT) is a network of correlated computing devices, mechanical and digital machines, objects, as well as other items that have unique identifiers which allows them to share and exchange data within the existing internet infrastructure. This data is then used to improve their performance.
Imagine taking the components that make up a smart phone and implementing them in other objects, such as a 3D printer, thus making these objects “smart.” Smart 3D printers could gather data of successful and unsuccessful printing protocols of turbine blades via embedded sensors and chips. This data would then processed by a simple computer and subsequently shared with other smart machines via wifi or broadband connection; there is no need for any human-computer interaction. Real world applications of IoT can be found in machine-to-machine communication, healthcare, building management, smart energy grids, precision agriculture, wearable electronics, transportation, and many others.
The global market of IoT hardware spending is fast growing and has reached $1.7 trillion, with IoT services reaching $300 billion. Based on the current year-on-year growth of 30%, Gartner predicts the IoT hardware spending will reach $3 trillion by 2020.
Source: Huffington Post: 01/02/2018 01:01 pm ET Updated Jan 03, 2018
*According to IT research firm International Data Corporation (IDC), IoT is expected to grow from $656 billion in 2015 to $1.7 trillion in 2020, representing a compound annual growth rate of nearly 17 percent.