The Internet of things is the internetworking of physical devices, vehicles, buildings, and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data.
By 2020, the amount of Internet-connected things will reach 50 billion, with $19 trillion in profits and cost savings coming from IoT over the next decade.
Right now, most IoT smart devices aren't in your home or phone; they are in factories, businesses and health care. By 2025, the total global worth of IoT technology could be as much as $6.2 trillion--most of that value coming from devices in health care ($2.5 trillion) and manufacturing ($2.3 trillion).
Only 0.06% of things that could be connected to the Internet currently are, which means 10 billion things out of the 1.5 trillion that exist globally are currently connected.
A whopping 94% of all businesses have seen a return on their IoT investments.
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Smart Buildings – Building management can now collect data from smart devices and sensors to remotely monitor a property’s energy, security, landscaping, HVAC, lighting and more. Actions can be automated according to events and efficiency can be optimized, saving time, resources and cost.
Industrial IoT – IIoT uses system integration and sensors to gather data within a process for analyzing and optimizing. Human error is reduced and operation costs go down.
Transportation and Logistics – In-transit visibility is increased while operation processes are automated. Individual solutions such as fleet management, asset tracking and predictive maintenance can work together as an end-to-end solution.
Smart Oil & Gas – As operation costs fluctuate, remote monitoring and insightful decision making can keep an enterprise in the Oil & Gas industry successful. Regulatory compliance can be accurately monitored and overall costs decrease.
Smart Agriculture – With the ever-increasing population of the earth, it is important that the farming industry operate as efficiently and effectively as possible. IoT can enable local and commercial farming to be more environmental friendly, cost effective and production efficient.
Telecom – Already transferring large amounts of data, the telecommunications industry is built for IoT adoption. Device certification and monitoring can deliver predictive failure insights, usage pricing and even new revenue streams.
Smart Homes – Consumers connecting smart devices within homes can enhance the home experience, increase home security and conserve energy. Homeowners can now monitor their properties remotely and in real-time.
Smart Cities – A smart city can include anything from smart parking to mass transit. A smart city addresses traffic, public safety, energy management and more for its government and citizens. More and more cities across the world are adopting these solutions at a steady rate.
Connected Healthcare – Healthcare is perhaps one of the fastest adopters of smart, connected technology. IoT enables critical business and patient monitoring decisions to be made remotely and in real-time.