The Internet of Things is here and the market is in the making. These devices are able to collect and transmit data via the Internet, contributing to our big data world. Here are some fact of IoT and we can see that the IoT is here to stay and grow.
- ATMs are considered some of the first IoT objects, and went online as far back as 1974.
- Back in 2008, there were already more objects connected to the Internet than people.
- In 2015, over 1.4 billion smart phones will be shipped and by 2020 we will have a staggering 6.1 billion smartphone users.
- 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.
- The market for Radio Frequency Identification (RFID) tags, used for transmitting data to identify and track objects, is worth $11.1 billion. This is predicted to rise to $21.9 billion in 2020.
- Machine-to-machine (M2M) connections will grow from 5 billion at the beginning of this year to 27 billion by 2024, with China taking a 21% share and the U.S. 20%.
- CISCO believes the IoT could generate $4.6 trillion over the next ten years for the public sector, and $14.4 trillion for the private sector.
- There will be 50 billion connected devices by 2020.
- IDC announced a 223.2% worldwide growth in the wearable market.
The IoT is only going to grow and devices that could be connected to the Internet will be connected to the Internet. Can you imagine the tremendous potential and limitless opportunities this brings for business and society?