Over 200 billion connected “things” will surround us in 2020 and an overall economic benefit of $8.9 trillion will be realized, so analysts predict for the Internet of Things. There are six more years left and we see almost nothing beside some wearable’s and a few home installed sensors/actors controlled by smartphone Apps. Ok, there are also some internet connected TV’s, DVD/Blu-Ray-Players and Webcams, but this is not meant by “Internet of Things” via interconnected “things” (sensors/actory & devices) by internet technologies.
A game changing technology needs time to infiltrate the market and it needs some prerequisites. The most important prerequisites are now in place:
- Internet Protocol V6, more than sufficient IP addresses for all “things”
- Low power consuming chip and sensor technologies
- 3G/4G/LTE/WiFi, Bluetooth, NFC, iBeacon technologies
- Cloud technologies
- Growing “Internet of Things” strategies and alliances
All these prerequisites will enable an exponential growth as described in a previous blog.
Where are we now?
The Economist Intelligence Unit conducted a study “The Internet of Things Business Index” which shows the progress for the “Internet of Things” in various industries.
As one can see, the “Internet of Things” is somewhere between research and planning stage and almost at the same level for all industries. Actually it is not there but it is real and it will change our life in the upcoming decade.