- The Internet Of Things, or IoT, represents a major departure in the history of the Internet. The Internet is moving beyond the rectangular confines of smartphones and tablets and helping to power billions of everyday devices, from parking meters to home thermostats.
- The numbers being forecast for the IoT are truly mind-boggling. Since it will come to encompass a layer of devices and apps across industries, it will account for an increasingly huge number of connections, 1.9 billion devices today, and 9 billion by 2018, according to BII estimates.
- But the really valuable applications may be enterprise uses such as the auto insurance industry’s early use of monitors to charge motorists only for the amount of time they actually drive. Market research and tech firms agree that the IoT, especially enterprise uses, will come to drive trillions in economic value as it permeates consumer and business life.
- On the consumer side, the IoT has already given rise to an ecosystem of startups marketing home automation, lighting, heating, and home security systems connected to the Internet.
- The main obstacles to the quick rollout of the IoT are still-immature and fast-changing technologies and standards, as well as the massive scale and uncertain ROI of investment in IoT-type projects.
The past five years have seen the rise of the smartphone as the main connected device we rely on for everyday tasks. The tablet followed as a kind of second act, sharing mobile operating systems and a touch interface with the smartphone.
The Internet of Things, or IoT, refers to a class of devices that — according to a definition by the McKinsey Global Institute — “can monitor their environment, report their status, receive instructions, and even take action based on the information they receive.”
Unlike smartphones and tablets, IoT objects often have a limited user interface and often exist [...]