The $6 trillion opportunity in the Internet of Things

Business Insider ^ | 02/24/2016 | Andrew Meola

[SeekAndFind]

Unless you've been living under a rock for the last couple of years, you've likely heard the term Internet of Things, or IoT, at some point. But what does it mean?

In short, the IoT is a network of objects connected to the Internet that can collect and exchange data.

That brand new car loaded with apps? Internet of Things. The smart home devices that let you control the thermostat and lights with one voice command? Internet of Things. That fitness tracker that lets you share your exercise progress with friends? You get the idea.

The IoT is set to transform the way we live, work, and interact with one another in the coming years. It might seem complicated at first, but the Internet of Things works through a relatively simple ecosystem.

A person uses a remote (such as a smartphone or tablet) to give a command or request information through a network to an IoT device, which performs the action and then sends it back through the network. The command or information is then displayed on the remote. This data can be stored in the cloud, on a local database, on the remote, on the IoT device itself.

The potential for the IoT is enormous, and Business Insider Intelligence estimates that there will be 24 billion IoT devices installed globally by 2020, with $6 trillion invested in IoT solutions over the next five years. This is due to several factors, including expanded Internet connectivity around the world, increasing mobile adoption, low-cost sensors, and larger IoT investments.

This IoT explosion is imminent, but revolution is already starting to affect everyday life with arrival of smart cars and homes. This IoT Revolution is picking up speed and when it does, it will change how we live, work, travel, entertain, and more...

[sten]

I’ve been developing code and running small companies in the industry for 30 years... I see the IoT as just apps with a side of all encompassing surveillance.

As a side note... I’m loving the fact there are so many freepers in the industry

[ro_dreaming]

I’m a network geek (for... well... let’s say 25 years sounds about right).. and I’ve heard nothing but IoT for the past few years.

It’s great, if you have the FTE’s to use the data, or the licensing fees to pay someone like Splunk to help parse the data for relevance.

But, considering I live in the boonies, and have a 10 Gb metered satellite connection for my ISP at home, the IoT is useless for me at home.