What is the Internet of Things? You’ll already know how the Internet connects people, businesses and information all around the globe? The increasingly relevant Internet of Things (IoT) simply connects devices in the same way.
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What is the Internet of Things – What does the Internet of Things mean?
The Internet of Things can connect equipment without necessarily neeing human intervention.
The IoT devices communicate using Internet protocols and represent potentially billions or trillions of connections that can be utilised to create new technological advancements.
The IoT devices represent an increasing amount of electronically-enabled equipment that has an Internet protocol (IP) address and Internet connectivity. These devices can communicate between themselves and other Internet-enabled systems and equipment.
What is the Internet of Things – Global Growth of IoT
Forbes reports that the IoT is growing at a very fast rate of about 28.5% per year. In 2016, the estimated American market for IoT and support services was around $157 billion.
By 2020, this number is expected to reach over $457 billion. The business-to-business segment in the USA represents over $300 billion annually, with about $85 billion in the industrial sector, and about $72 billion for residential services. Manufacturing, utilities, and transportation logistics will be spending about $40 billion each year starting in 2020.
Globally, the IoT is expected to grow to around $8.9 trillion by 2020 and maintain a growth rate just shy of 20% per year. Global industrial manufacturing will be about $890 billion for the IoT in 2020. Healthcare will be a huge market for global IoT services and represent about $1.3 trillion by 2020.
What is the Internet of Things – Internet of Things Examples
There are many technological advancements emerging that take advantage of the newer IoT capabilities. These include the following as a percentage of the total IoT market:
- Smart Cities (26%): A smart city uses information technology to create more efficient communications that helps improve the efficiency of the operations of the municipal government, share public information more readily, and improves the general welfare of its citizens.
- Industrial IoT (24%): The industrial applications of IoT include such things as the application and monitoring of sensors and other connected devices to improve manufacturing processes and enhance the maintenance of machinery and equipment.
- Connected Health (20%): These systems create the ability for healthcare workers to monitor the health conditions of patients benefiting from home care services without the patients needing to come into the healthcare facilities as often. This not only saves on healthcare expenses but also improves the quality of patient care.
- Smart Homes (14%): Smart homes operate more efficiently and respond to usage patterns with the balancing of HVAC services to create comfort zones within a home that are the places being occupied by its residents and/or guests. Smart homes have enhanced security and video surveillance monitoring, which notifies the homeowners of any potential dangers, such as a fire or an intrusion. These systems can also summon emergency response if needed.
- Connected Cars (7%): The IoT of connected cars links drivers and their environment to improve the driving experience. The driver can be informed of road conditions, weather, and hazards, as well as given suggested routes to avoid the difficulties. In fleet operations, the fleet manager can be informed of the location of every fleet vehicle using GPS monitoring. Real-time delivery and pick-up scheduling can be enhanced with efficiencies that come from knowing where all the vehicles are located and what traffic conditions are being experienced by the fleet members.
- Smart Utilities (4%): Smart utilities use smart meters to allow for better allocation of power consumption and real-time response with power creation that may incorporate alternative power generation. For example, a building or residence may operate on solar power and at times have excess power not needed for the specific facility that can be put back on the grid in order to reduce utilities expense. Or a battery system can be used that recharges at times that are not during the period of peak power usage to reduce the cost of recharging the batteries.
- Wearables (3%): Some interesting uses of IoT-connected wearables are monitoring exercise programs for amount of exercise achieved, heart rate, blood pressure, and calories burned. Additionally, wearables can send and receive a sensory message. This message can be sent to friend and family if they are wearing a connected device. Another excellent use of a wearable device is monitoring the blood sugar levels of diabetics to help them know when they should take insulin or do something to raise their blood sugar.
The IoT is growing at an exponential rate…faster than the regular Internet growth experienced before.
Many manufacturers understand there are enormous opportunities for the development of IoT equipment and services that will enhance the efficiencies of systems, equipment, vehicles, industrial processes, utilities, and generally improve the users’ experiences.
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