6 Things You Didn’t Know About IoT

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By this time, we are confident that you know what IoT is, how it works and its pros and challenges. You also have a fair understanding of the practical applications of IoT (Link to previous article) or some of the devices that could hit the market in the near future. You may know how driverless cars work, what advantages smart homes bring in, data generation, data management, cloud architecture, Big Data and superficial information on most of the concepts related to this technology. However, on this article, we are going to dig in deeper and introduce you to some facts that you never knew about IoT. Check them out:

  • Wearable devices have already become an integral part of our lives. According to reports, 7% of the global consumers already possess an IoT wearable and 4% have an in-home IoT device. To throw in some more stats based on researches, two-thirds of the consumers intend to buy an IoT device in the next couple of years, further taking the IoT product market by storm in the coming years.
  • As of the year 2008, there was only one IoT device per person in this world. According to Cisco reports however, it is estimated that over 50 billion objects will populate the IoT market by the year 2020. At that time, the population would be 7 billion. Imagine the ratio!
  • The international market size of the Internet of Things is forecasted to number over $7.1trillion by the year 2020.
  • If you have been wondering if there would be enough IP addresses for the increasing number of connected devices in the market, let us reassure you that it’s the last of the concerns faced by IoT. With the onset of the IPV6, we have enough IP addresses in hand to assign over 100 distinct IP addresses to each atom that makes up the planet.
  • Connected or smart homes would be the largest market for the IoT space in the year 2019. According to a report published by BI Intelligence, the smart home market is anticipated to reach $490b by the year 2019.
  • In the next couple of years, smart kitchens would bring in added efficiency and contribute to approximately 15% of the savings in the food and beverage sector. This will done with the help of Big Data analytics in managing inventory information sourced by sensors from various aspects of kitchen management from ingredients to supply-chain.
  • As a bonus, the Automated Teller Machines or the Any Time Money lenders are one of the first and the foremost connected devices to ever hit the market. As early as 1974, these connected devices have been offering us a convenient lifestyle and we haven’t acknowledged them as a product of IoT before the technology came into existence.

    To give you further insights, here is an interesting video.

    Is there any other device you know about that has been existing for years and we haven’t identified them as part of the IoT ecosystem? We would love to hear about it. Or, if you have any interesting facts to share, drop them as comments below.  

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    Suggested Read

    The Ultimate Guide to IoT – The Master Manual

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