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The Internet of Things Report May 7, 2016

Posted by 7942francor in 2016 Trends.
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The Internet of Things is this concept of connecting physical objects to the internet through the use of sensors in order to collect and transmit data. The internet of things has been a trending topic now for a couple years and I don’t believe we will see it decline any time soon [1].  In 2012 there was an estimated 9 billion connected devices and by 2020 there will be an estimated 40 billion connected devices [2]. In today’s world people are obsessed with collecting and sharing data. There is an entire movement called the Quantified Self Movement that speaks to this desire for collecting data regarding one’s own life [3]. We collect data regarding our fitness, our heart rates, movements, how often we eat, what we eat, our sleep patterns, etc. People collect this data in hopes of becoming more efficient, smarter and overall improve their quality of life.

Our near future will look and feel vastly different than today’s world. The potential that the internet of things carries with itself is enormous. In the next few years we will see the emergence of self driving vehicles. Automakers are competing to get their self driving prototypes into production as soon as possible. Chevrolet for example is in talks with taxi service Lyft to get their self driving, all electric, vehicle to replace actual taxi drivers [4]. Home automation systems are becoming so much more affordable and will be part of every new home in the future. It is estimated that the average home owner can save $1,352 per year just by automating the lighting and thermostat [5]. Security systems are also simpler and cheaper when your home is automated. The internet of things will make businesses more efficient and safer with quality control sensors on heavy machinery to prevent potentially dangerous and expensive machine failures [6]. The internet of things is just starting to explode due to the technology that makes it possible finally catching up to our desire to constantly self improve. The costs of sensors and microprocessors have dropped incredibly low. Computers in 2013 cost roughly 4% of what they used to cost 20 years ago and are even lower today [7].

The internet of things market is estimated to be worth $157.05 billion and by 2020 will be worth $661 billion [8]. This is currently a huge market with plenty of investors and consumers. It is still very new but it’s viability in todays fast pace, data hungry world, looks to be more than good. According to a Gartner report, by 2017, 50% of the internet of things solutions will come from startup companies that are less than 3 years old [9]. This technology has been extremely beneficial for small companies and the overall economy. This is most likely due to the fact that people are constantly thinking about solutions to their everyday problems and inconveniences.  In so long as people keep on striving to be better and make their lives more efficient, the internet of things will flourish.

The internet of things will make our world much safer and efficient. It will bring wasted costs down and help us to be healthier.  We must invest heavily into the internet of things right from the beginning to get people excited about this new technology. We also must take great care in not moving too quickly for many people are still fearful of embedding technology in their everyday lives. I believe if people keep their minds open, they will quickly realize the positive impact this technology can have on our communities, cities, nations, and even the world.

 

Sources:

[1] Google Trends <https://www.google.com/trends/explore#q=internet%20of%20things&gt;

[2] Home Automation Info <http://www.homeautomationinfo.com/Drupal/homeautomation_future&gt;

[3] Live Science <http://www.livescience.com/39185-quantified-self-movement.html&gt;

[4] CNET <http://www.cnet.com/roadshow/news/your-next-lyft-driver-may-be-in-a-gm-self-driving-car-chevrolet-chevy-bolt/&gt;

[5] Alliance Security <http://www.alliancesecurity.com/1352-reasons-consider-home-automation&gt;

[6] Postscapes <http://postscapes.com/internet-of-things-examples/&gt;

[7] BLS <http://www.bls.gov/opub/ted/2015/long-term-price-trends-for-computers-tvs-and-related-items.htm&gt;

[8] Markets and Markets <http://www.marketsandmarkets.com/PressReleases/iot-m2m.asp&gt;

[9] Gartner <http://www.gartner.com/newsroom/id/2869521&gt;

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