The Internet of Things (IoT) is a scenario in which objects, animals or people are provided with
unique identifiers and
the ability to automatically transfer data over a network without requiring human-to-human or
human-to-computer interaction. IoT has evolved from the convergence of wireless technologies,
micro-electromechanical systems (MEMS)
and the Internet.
The Internet of Things (or IoT
for short) refers to uniquely identifiable objects and their virtual
representations in an Internet-like structure. If all objects and
people in daily life were equipped with identifiers, they could be managed and
inventoried by computers.
According to IDC, The Internet of
things and the technology ecosystem surrounding it are expected to be a $8.9
trillion market in 2020.
The Internet of Things will
create greater economic value for all organizations, and for the global economy.
Gartner predicts that the total
economic value add for the Internet of Things will be $1.9 trillion dollars in
2020, seen across a number of industries. The verticals that are leading its
adoption are manufacturing (15 percent),
healthcare (15 percent) and insurance (11 percent).
Today, the Internet of things and
machine-to-machine data falls under the big data umbrella with projects just
beginning.
According to IDC, the installed
base of things connected will be 212 billion by the end of 2020, including 30.1
billion connected autonomous things. Intelligent systems will be installed and
collecting data by this point.
The Internet of things will
change everything and be "a new construct in the information and
communications technology world." IDC put the Internet of things
technology and services spending at $4.8 trillion in 2012 and expects the
market to be $8.9 trillion in 2020 and have a compound annual growth rate of
7.9 percent.
IDC added that it expects smart
cities, cars and houses to drive growth along with the infrastructure that goes
with them.
Source: zdnet, Gartner & TechTarget
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