10 Crazy Facts and Predictions About the Internet of Things
The Internet of Things (IoT) is the next big thing! You won’t believe just how massive this new wave of technological change is. The world is about to experience another destiny altering shift. But, it may even not be noticed. The Internet of Things is taking over without the general public even noticing it. Here are 10 crazy facts and predictions about the Internet of Things.
1. Consumer Spending Will Reach Just Under $3 Trillion by 2020
Daily life is no longer possible without a smart phone in your pocket. You most probably have a computer or laptop as well. You already own 2 devices that are connected to the internet. Consumer spending is so high because there are as of 2015 more than 3 connected devices per person on the planet (25 billion devices and even more).
2. Smart Cities Owns the Largest Global IoT Market Share
The global IoT market has many wheels and cogs, but smart cities currently take up most of the space. Check this list to see the other market segments.
Global IoT Market:
- Smart Cities – 28.6%
- Industrial IoT – 26.4%
- Connected Health – 22%
- Smart Homes – 15.4%
- Connected Cars – 7.7%
3. Government Is the Slowest Adopter of IoT Technology
In the U.S. government takes the longest to adopt IoT based solutions. This could be due to numerous reasons like budget constraints, lack of consensus, or even policy issues. Currently, only 42% of municipalities have deployed IoT devices and sensors.
4. The Term Was Born in 1999
The term “Internet of Things” has been around for a while now. Inventors have seen many different ways to use the internet in the 90s already. Kevin Ashton (a British technology pioneer) was the first person to coin the term the “Internet of Things”.
5. The Chinese Government Recognizes IoT as a Key Industry
In the year 2010, the Chinese government realized the massive role IoT technology will play in the digital world of the future. They accepted it as a key industry and simultaneously became the first government to recognize IoT as a key role player.
6. IoT Will Add about $10 Trillion to Global GDP
Some economists have seen the global impact of IoT on economies. They estimate that it will add between $10-15 trillion to the global GDP of all economies combined.
7. U.S. Company “View” is the Largest IoT Start-Up
There is a start-up based in the U.S. called View. They specialize in the manufacturing of special windows that can display information and messages. You’ll be able to check the weather on your window if you buy their product. They received funding to the value of $1.1 billion. They are officially the largest IoT based start-up in the world.
8. Business Loves IoT Solutions
Businesses love to employ IoT based solutions. The benefits of using this technology help to save time. It saves money with clever features. And it is even used to improve security measures. Business is responsible for 57% of overall IoT spending. People predict the global market will grow to $457 billion by the year 2020. IoT has sparked the largest economic growth in human history. Some economists believe the annual growth over the following two years will be between 36-39% for this technology.
9. Consumer Products are the Most Used IoT Devices
Smart phones, smart watches, and other wearable tech are some of the most used products in the world. Currently, about 63% of IoT enabled units form part of the consumer products segment. Worldwide about 5.2 billion devices are used by people on a day to day basis that accesses IoT technology. The popularity of IoT technology in the consumer market is booming. That is probably why some economists predict about 1.9 billion smart home devices to be shipped in the year 2019.
10. The Top Three Benefits of Using IoT Enabled Solutions
People absolutely adore their smart tech with IoT enabled features. They claim it saves them time, it saves money, and smart security products make them feel safer.
You Can Own It Too
Smart tech with IoT enabled features are for everyone. It’s here to make your life better. You can also experience the benefits caused by IoT based solutions.