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Some facts about the ‘Internet of Things’ have been collated together. These have emerged post a study conducted by Forbes which shows that a staggering eighty seven percent of respondents haven’t even heard of the term. Surprisingly IoT has always been around with ATMs being the first to scale this technology, starting back in 1974. By 2008, connectable devices already outnumbered people. Right now nearly four billion connected devices exist but the number is set to exceed the fifty million threshold by the year 2020. The number of smart phones shipped then will also exceed six billion as opposed to the slightly less than a billion and a half at present. There will then also be more than ten million units of smart clothing. The market for RFID will double up to more than twenty billion US dollars. Same year, a quarter of a billion vehicles even will be connected to the IoT. Google already has self driving cars. Google and Samsung want to connect household devices as illustrated by them buying up Nest Labs and Smart Things respectively. The global market for wearable goods has also risen by over two hundred percent with Fitbit and Apple Watches leading the charge. Business consulting giant McKinsey states that IoT’s total economic footprint will be worth eleven trillion US dollars. Even the beverage industry can save money worth fifteen percent annually if smart kitchen devices get installed. Cisco predicts that IoT will generate more than four and a half trillion US dollars over the next decade for the public sector and more than three times that much for private enterprise.Source:http://www.forbes.com/sites/bernardmarr/2015/10/27/17-mind-blowing-internet-of-things-facts-everyone-should-read/

 

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