the Internet of Things is “the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment.” Technology costs are down, broadband’s price has dropped, while its availability has increased. There is a proliferation of devices with Wi-Fi capabilities and censors built into them, and smart phone penetration is exploding; all of these individual technological advances were good for the IoT, together they have created a perfect storm for it.

According to its Gartner Says the Internet of Things Installed Base Will Grow to 26 Billion Units By 2020, Gartner claims that, “The Internet of Things (IoT), which excludes PCs, tablets and smartphones, will grow to 26 billion units installed in 2020 representing an almost 30-fold increase from 0.9 billion in 2009.” Gartner believes IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services, in 2020. It will result in $1.9 trillion in global economic value-add through sales into diverse end markets.”234 Simply put, IoT is the concept of basically connecting any device with an on and off switch to the Internet, including cell phones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else imaginable.

Today, it is almost unimaginable how all encompassing the Internet of Things will be in our daily lives in the not-too-distant future. From such life-changing technology as Google’s driverless cars, which could help optimize traffic, thereby reducing traffic congestion, as well as making people more productive, to sensors that can help regulate room temperature thereby saving energy, IoT is definitely here to stay.

“The growth in IoT will far exceed that of other connected devices. By 2020, the number of smartphones tablets and PCs in use will reach about 7.3 billion units,” said Peter Middleton, research director at Gartner.9 “In contrast, the IoT will have expanded at a much faster rate, resulting in a population of about 26 billion units at that time,” Middleton adds.9

IoT isn’t a standalone technology and when combined with wearable technology that is equipped with AR, personalized interactions with the physical world can be created.

IoT is faced with the typical problems of new technologies, a lack of standards as the big and small players jockey for position, although there is a movement in place to create a vendor-independent protocol that will allow devices to connect with each other under the guise of a common service layer.

Currently, IoT’s growing pains are being tackled and security issues are being addressed. The addition of edge analytics, which can reduce network and connectivity costs, is also circumventing the need for cloud integration.

Improving computer processing power and memory in semiconductors and modules increases by the month. This should allow IoT devices to add an ML component, which could help IoT devices realize the potential of ambient intelligence, allowing them to grow smarter over time. However, heavy duty number crunching power is still needed when performing intensive predictive and prescriptive analytics.

Intelligencia can help companies navigate their way through this new and challenging world. 

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