Sounds a bit vague, huh? Well, that’s because the Internet of Things (IoT) will cover just about everything. The term refers to objects connected to the web which transmit and exchange data. That includes smartwatches, a home security system you control from your phone, and even a smart yoga mat!
Rather than being a fad, the IoT is growing as innovative people and businesses imagine new uses for connected objects. Take a look at some of these staggering statistics:
1: By 2008, there were more Internet-connected objects than people. Cisco expects it to exceed 50 billion objects.
2: Projections estimate the IoT market will sell more products than the PC, tablet, and smartphone markets combined.
3: Nearly half of consumers aren’t aware that things like smart refrigerators and toasters are already on the market.
4: However, 69% of consumers are concerned about data security, and believe they should own data generated by their IoT devices.
5: We don’t have to worry about running out of IP addresses (each connected device needs one), because the latest version (IPv6) has enough for 100 IP addresses for every single atom on earth.
6: 10% of cars were connected to the Internet in 2012. By 2022, it’s estimated it will be 90%
7: 60% of consumers would share car data with the manufacturer, if they were gifted one free maintenance session in exchange.
8: GE estimates that if IoT technology makes oil & gas exploration/development even 1% more efficient, savings will near $90 billion.
9: Connected homes will be the largest sector for IoT technologies for the foreseeable future. It’s forecast to be $623 billion by 2026, which explains why Google acquired Nest (smart thermostat makers) for US$3.2 billion.
10: GE estimates IoT technology for industry has potential to add US$10-15 trillion to global GDP over 20 years.
11: Morgan Stanley estimates driverless cars will generate savings of $1.3 trillion in the U.S., and $5.6 trillion worldwide.
12: In 2013, 10% U.S adults owned an activity tracker but more than half no longer use it and 1/3 stopped using it within the 6mths.
If you think you’re immune to the Internet of Things, estimates suggest 20% of U.S.A consumers will own a smartwatch or smart refrigerator by 2020. Iron Paper estimates more than 2/3 of consumers plan to buy IoT technology for their homes by 2019.