All of us are living in a connected world and our smart phones and other high- end devices give us the power to change our lives for the better. Human race has paved way for numerous technological wonders and we very proudly say that life today is made easier due to human knowledge combined with its tryst with technology. However, not many of us are aware of the fact that there is a bigger technological reform about to take place. The best part about this upcoming reform in the way our world functions is that we have already gained exposure to some of its elements in one way or the other.
Yes, Internet of Things is a lot bigger than we can ever imagine. The fact that all living as well as non- living physical entities will have better connectivity as well as communication with each other is far more impactful on the entire human race. However, the era of Internet of Things or IoT inspired devices has only begun and we will have to wait for a really long time before our cars, plants, shoes, books and even food gets equipped with tiny- sensors that are connected to a common network over the internet and will be capable of generating actionable data among one another.
The debate on the expected scope and reach of IoT has been going on for a few years now and a number of top- notch companies has been making statements that by the year 2020, IoT will experience growth worth multi- billions in the global market. For instance, Cisco Systems reckons 50 billion by the year 2050 in its Internet of Things technology startups. On the other hand, Gartner says that by the year 2020, IoT would have grown up to 26 billion units, while IDC puts it on closer to 30 billion along with a market value of more than $8.9 trillion. Cisco Systems also estimates that by the year 2023, IoT will have a market worth of more than $14.4 trillion.
Current market investments in IoT technology
A sure shot indication to the fact that IoT technology is the next big thing is that some of the largest manufacturing companies in the world have already started to roll out plans as well as invest in the field of Internet of Things technology and all its prospective services.
For instance, the latest top- notch company to have invested in the IoT technology is none other than Google itself. This world’s best search engine company has invested 2 billion pounds worth acquisition in Nest Labs. This is a keen step on this company’s part in order to produce a thermostat capable of examining as well as learning user behavior by analyzing things such as humidity, activity, light levels as well as temperature.
Meanwhile, we are very well aware of the strides created by the very soon to be launched wearable gadget from Apple. It is to be noted that this is the very first wearable gadget being introduced by this world- class manufacturer of smart phones and laptops. With the help of this wearable technology as well as iBeacons, all iOS devices can notify this wearable device of its presence. On the other hand, a PC in the size of an SD card is being introduced by none other than ace- chipmaker Intel. This compact PC will be known as Edison and is yet another commendable creation of the IoT technology.
Cisco Systems is also gearing up with the roll out of IOX and this will allow all IoT sensors to process information autonomously without the need to connect to any network or cloud.
Now, these are some of the large scale companies whose involvement and future scope with the IoT technology comes across as no big surprise. However, the interest as well as real shift towards Internet of Things technology is evident from the fact that actual devices and their deployment is also going to be affected by this next- generation technology. Hence, this proves that Internet of Things is definitely the next big thing to look forward to.
When people talk about the next big thing, they do not realize the fact that the next big thing will be something incapable of human imagination as well. As a result of the world turning into a common network or cloud of information, human lives will get advanced as well as changed forever. Common objects and data around us will no longer be common and in fact, they will have a brain of their own. This will make all objects capable of understanding human needs and emotions and will also be able to perform accordingly without being told when and what to do.
Looking at all the perspectives, we can emphasize on the fact that Internet of Things is undoubtedly the next BIG THING to forward to!!