- Jan. 12, 2017
You’ve likely heard the phrase Internet of Things, or IoT, at some point if you have been following any tech news in the last several years.
But at the same time, you might be scratching your head figuring out what it is or what it means past a flashy buzzword.
Simply put, the IoT refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet. Cars, refrigerators, juicers, wine racks, heart monitors, ovens, watches, and more are all candidates for connection.
A new report from BI Intelligence, Business Insider's premium research service, called IoT 101: The Essential Guide to the Internet of Things, outlines the basics of the IoT and what this next wave of technology means to the everyday individual. The report dives into key IoT terms, predictions and trends for the IoT in the next five years, the industries that the IoT will affect the most, and the biggest challenges facing the IoT.
Here are the key takeaways from the report:
- The IoT will surge into the mainstream by the end of this decade to include 24 billion devices. This would mean that approximately four IoT connected devices would exist for every human being on the planet.
- Governments and companies will invest billions of dollars into IoT devices in the next few years. And that investment will pay off by generating trillions of dollars by 2025.
- The IoT will profoundly transform daily life for governments, consumers, and businesses. These changes will occur in transportation, agriculture, utilities, smart cities, and more.
- There are dozens of companies with their hands in the IoT space, and more will soon join them. The list includes Apple, Cisco, Microsoft, Fitbit, IBM, Google, Amazon, and more.