Top 7 Amazing Facts about the Internet of Things you should know in 2020

We all have heard about the Internet of Things and how it is changing the way we live. Just by asking your virtual personal assistant, you can manage your home appliances, switch them on or off, or even control the light color of your lamp. Sounds so exciting, right? The Internet of Things has made these things possible like a miracle.

But what exactly is the Internet of Things? Well to put in simple words, the Internet of Things is a bridge between the physical world and the Digital world. The Internet of Things connects the digital world to our Physical world or vice versa.

Small businesses have started adopting mobile application development, and digital assistants have made everything easy for us. Whenever you ask Alexa or Google Assistant to dim the light, there’s the Internet of Things that does your task. Whenever you ask Alexa or Google Assistant to turn on the TV, it’s the Internet of Things that make it possible. Machine Learning has made it possible to capture the user’s commands and operate accordingly. So, the Internet of Things has already made it to our everyday life, but there are some great facts about the internet of things that will leave you stunned.

Here are those facts that you will be surprised to know about the Internet of Things.

#1 IoT has been with us for a decade

The Internet of Things has been with us for more than you think. It has always been there, but we just never knew. The Internet of Things is not just about home automation and drones. You will be surprised to know that the Automated Teller Machine is also an example of the Internet of Things.

So, if you think that the IoT is the product of the 21st century, you’re mistaken. Automated Teller Here are those facts that you will be surprised to know about the Internet of Things.
Machines were introduced in the 1970s and that is the perfect example of IoT enabled devices. So, whenever you use the ATM, consider it as among the first devices to use the Internet of Things.

#2 Big Industries are already using it

You will be surprised to know that many big industries are already using the IoT and a lot of companies are already working on enabling their product and services with the Internet of Things.

Everyone’s favorite Tesla has already adopted the Internet of Things in its Autopilot car model. It can drive and reach the destination without actually driving and controlling the car. It can plan the route to the destination, detect and avoid obstacles, and safely drop the passenger to the destination. Furthermore, eCommerce giant Amazon is also planning to deliver via drones that are ofcourse, IoT enabled. So, you can expect more and more usage of the Internet of Things in everyday lives apart from just your Google Assistant or Alexa.

So, we can say that the big industries are already using the Internet of Things, and you can see a lot more companies using it in the future and make the IoT a part of our everyday lives.

#3 A Big ROI

Adopting the Internet of Things can give your business a big Return on Investment. When you adopt the IoT for your products, its work capacity increases and gives great numbers of output.

According to a survey, around 94% of businesses have noticed a great return on investment when they leveraged the Internet of things for their business or products. So, just like those businesses and companies, your business will also notice the revenue growth and a big ROI when you choose the IoT for your business and products.

#4 IoT Investment Prediction

A report by General Electric (GE) in 2015 cites that investment in the Internet of Things will reach a whopping amount of $60 trillion by the year 2030. So, basically the Internet of Things will cover almost all the businesses by 2030.

It is predicted that even simple food deliveries will happen by a drone in the near future, and multiple food delivery apps are already working on delivery by a drone. Even eCommerce giants can use such technology to deliver their goods to their customers.

And remember that a $60 Trillion investment can cover a lot of businesses and enable them with the Internet of Things and make things automated.

#5 Big Economic Value

According to a McKinsey Global Institute estimation, the Internet of Things will have around $11 trillion value by the next 5 years (2025). So, we can expect more and more things possible by the IoT in the near future, and adding more value to the economy and improving everyone’s lives.

So, by the year 2025 that’s about five years more to go, will add around $11 trillion value to the global economy and that will create a lot of job opportunities, more convenience to the people around the world, and create something great for this world.

#6 More devices than people

The Internet of Things has made it possible to manage any device right from your phone, or even by your simple voice command. But, have you ever thought about the number of devices connected to the Internet? Well, there were more devices connected to the internet than people back in 2008, so you can assume the current number of devices connected to the internet.

So, we can simply say that there will be a lot of devices connected to the internet in the future. A typical small family holds a smartphone for each member, a couple of TVs, personal digital assistants (like Echo Dot, or Google Home), smart bulbs and other smart devices. So, there’s no doubt in having more devices connected to the internet than people back in 2008.

#7 75 Billion Devices by 2025

According to Statista, the number of IoT enables devices will reach 75 Billion. It means there will be 75 Billion IoT enabled devices in the next five years, and this fact is quite amazing and definitely left us stunned.

Looking at all these facts, we can say that the future lies in the Internet of Things, and even the smallest of tasks will be done with the help of IoT, which will enable more jobs in the Information Technology and Electronics field. It will make people’s lives easy and convenient.

Conclusion:

After reading these facts about the Internet of Things, you might have had an idea about the vast scope of the Internet of Things and its applications. It has left us stunned. Aren’t you too? If you are about to establish a business, consider consultation from the best IoT App Development Company. INEXTURE is the best IoT Consulting company and IoT App development company dealing with all types of IoT development.

If you want to develop an IoT enabled system for your business, then you might need to contact us. You can drop an email on sales@inexture.com and one of our experts will get back to you and discuss your project. So, what are you waiting for? Equip your business with IoT today!

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