The internet of things (IoT) is going through mass adoption in various fields. The world is slowly heading for the transformation of the internet of things into the internet of everything.
The Internet of Things (IoT) has hit a strong, positive note in the minds of business executives across the globe. According to a report, the worldwide technology spending on the internet of things is expected to reach USD 1.2 trillion in 2022, growing at a CAGR of 13.6% over the 2017-2022 period. Here’s a look at the past, present, and future of the internet of things.
IoT: The Past
The internet of things can be traced back to as early as 1990. The earliest implementation of the internet of things was a toaster created by John Ramkey which could be switched on and off over the internet. Since then, an increasing number and variety of devices are being connected to the internet and being incorporated in the internet of things. The common examples of early internet of things devices can be mobiles, desktops, and laptops. The internet of things has slowly been making inroads into many everyday regular devices since. Devices like a fridge, soda vending machines, and many other daily use devices were regularly being encompassed by the internet of things.
IoT: The Present
The internet has transitioned through various changes from a simple application like web browsing and email to use in everyday objects. Smart home devices like smoke alarms, electric devices, tablets, and speakers are now connected to the internet. These devices have created new market segments and businesses that have forayed early into these new segments have reaped significant financial gains. Many businesses are looking at the untapped markets to leverage the internet of things and be the industry leaders in those segments.
IoT: The Future
Now that businesses have realized the potential of internet-connected devices, they must start incorporating it in as many devices as possible. The internet of things will make its way into simple as well as unimaginably complicated systems. The possibilities of devices that can be incorporated into the internet of things are limitless. The internet of things will help companies in providing better services to their customers, increasing sales and helping in the overall growth of the company. The internet of things will eventually transform into the internet of everything as eventually, every ‘thing’ imaginable will be connected to the internet.
The internet of things will continue to witness rapid development and mass adoption in various industries. Businesses can utilize the power of the internet to sell advanced internet of things devices and reap the financial benefits. Companies must not, however, overestimate the effect of the internet of things. They should have a planned and well-thought-out approach in their decisions and consider the challenges and the security threats that accompany IoT first.