IoT an evolution, which has started revolutionizing business!!
Before we proceed to actual theme of blog, it’s useful to start out with some basics, and then jump into the big picture.
Internet, terminology itself describe its meaning that it should be something related to interconnected computer networks. Origin of Internet by the United States Federal Government in the 1960s.
Some interesting facts and figure.
What is Internet of Things?
The Internet of things is the network of physical objects that contain embedded technology to sense and interact with their environment and each other to collect and exchange data to make our lives better.
Is it Bubble or real?
It’s not a hype it’s an evolution which will bring revolution in business.
It’s not bubble, it’s going to last long. You can understand importance of it via few facts displayed below.
- Only 10% of cars were connected with internet in 2012, by 2020 it is expected that 90% will be.
- The global market for wearable devices has grown 223% in 2015, with Fitbit shipping 4.4 million devices and Apple AAPL -1.07% selling 3.6 million Apple Watches.
- GE believes that the “Industrial Internet” (their term for IoT) will add $10 to $15 trillion to global GDP in the next 20 years.
In my opinion, if any new thing is making a useful impact in our daily lives, it could be the source of exciting and huge business opportunities, and IoT is doing that. E.g. Fitbit smartwatch, smart home, connected cars etc.
Technical Characteristics of an IoT Product
A fully functional IoT software has 4 major elements – Embedded, Frontend, Backend, Data Science, across its lifecycle.
- Connected devices
- Sense Activity
- Transfer and Store data
- Predict and Analyze data
Few Interesting facts about Internet of Things!
- 87% people have not heard term Internet of Things.
- ATMs are considered some of the first IoT objects, and went online back in 1974.
- Expected connected object in 2020 is 50 billion and till 2016 6.4 billion connected objects are there.
- 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.
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