Written by Hayley HelmsApril 20, 2016
THE INTERNET OF THINGS (IOT) IS POISED TO BECOME THE NEXT “INDUSTRIAL REVOLUTION” BASED ON THE EFFECTS IT WILL HAVE ON THE WAY WE LIVE, WORK, TRAVEL, AND MORE
The Internet of Things (IoT) has been heralded as the next “Industrial Revolution” based on the effects it will have on every aspect of the way we live our lives. Many don’t realize, however, that the revolution has already started.
What is the Internet of Things, you ask? The brand new care that comes with a myriad of preloaded apps? The Internet of Things. “smart “devices that allow you to control household appliances from the miles away, or the comfort of your couch? The Internet of Things. Fitness trackers embedded into your clothing, accessories, and everyday wear, that let friends and family know just how active you really are? You guessed it: Internet of Things.
These examples, while seeming numerous on their own, are just the beginning.
Business Insider embarked on a two year study to determine just what IoT is, and the trajectory of its takeover. BI Intelligence, Business Insider’s premium research service, has tracked the growth of IoT for the last two years, examining where and when consumers, businesses, and governments were using the IoT ecosystem. The results reveal that by the year 2020, IoT will be incorporated into the vast majority of our day-to-day lives.
Business Insider’s info graphic on the Internet of Things defines the concept as “a network of internet-connected objects able to collect and exchange data.” IoT operates in its own ecosystem, where separate entities are able to connect to, and control their IoT devices. For example, using your smartphone to preheat your oven, using an internet connection, is just the beginning of potential possibilities offered by IoT.
Entities using the ecosystem include businesses, governments and consumers, and then environments in which one will be able to utilize IoT range from agriculture to banks, and everything in between.