The Internet of Things (IoT) is the network of physical devices, vehicles, home appliances and other items embedded with electronics,software,sensors,actuators and connectivity which enables these things to connect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits and reduced human intervention.
The number of IoT devices increased 31% year-over-year to 8.4 billion in 2017 and it is estimated that there will be 30 billion devices by 2020. The global market value of IoT is projected to reach $7.1 trillion by 2020.
The IoT is a giant network of connected things and people – all of which collect and share data about the way they are used and about the environment around them.
That includes an extraordinary number of objects of all shapes and sizes – from smart microwaves, which automatically cook your food for the right length of time, to self-driving cars, whose complex sensors detect objects in their path, to wearable fitness device that measure your heart rate and the number of steps you’ve taken that day, then use that information to suggest exercise plans tailored to you.
Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices and applies analytics to share the most valuable information with applications built to address specific needs.
These powerful IoT platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.
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