The Internet of Things (IoT) is a network of physical devices, also known as “things”, embedded with electronics, software and sensors enabling connectivity between other devices and services. This level of connectivity will bring automation to both consumer products and industrial solutions, such as a Smart Grid for electricity.
The Future of IoT Devices
According to a Gartner press release, by the year 2020 there will be 26 billion IoT devices but only 7.3 billion PC, smartphones and tablets. IoT devices will impact a wide range of areas. Some areas will be industry specific, such as automated manufacturing systems, while others will be generic systems such as HVAC, lighting, and security controls. By 2020, connectivity will be a standard feature for many products. However, enterprises are expected to utilize IoT devices before most consumers. The verticals leading the adoption of IoT devices are manufacturing, healthcare and insurance. New business models will be made possible with IoT devices in these fields. For example, insurers could offer usage-based insurance with premiums tied to real-time data from cars, buildings or factories.
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