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With everybody talking about Internet of Things these days, it is something we all are very well aware of. But just for the sake of it, Internet of Things is a concept in which everyday objects have network connectivity, which allows them to send and receive data.
Simply put, the new rule is: “Anything that can be connected, will be connected.”
Speaking of connecting, the things that can be connected incorporate anything and everything you can think of. From already smart devices like your cell phones, laptops, electronic wearable devices to your washing machine, lamp, coffee maker and what not.
Envision how easy your life could have been if after waking you up at the set time, your alarm clock could notify your coffee maker to start brewing coffee for you. Well, stop imagining because your coffee maker and alarm clock can actually interact with each other and do that for you. Wondering how? Yes, Internet of Things.
In the IoT world, there are endless opportunities and connections to take place. It’s not hard to see how and why everyone and everything is about Internet of Things now.
Billions of connected devices mean endless opportunities. This is where the IoT companies come into picture. Research firm IDC predicts that IoT will become a $1.46 trillion international market by 2020, up from $700 billion last year. A trillion-dollar market means a lot of companies will want a slice. When we start making things intelligent, it’s going to be a major engine for creating new products and new services. Have a look at some services that can be provided in this field.
IoT certainly opens the door to a lot of opportunities but not to disregard, many challenges as well.
With billions of devices being connected together, how can we trust that our information stays secure? What if someone simply hacks into the coffee machine in your office and gets access to all your computers?
Also, what do we do with the massive amount of data all these “connected” devices are going to produce? Storing, tracking and analyzing this vast amount of data is no cake walk.
Like everything else, Internet of Things is a double edged sword. It makes our lives easy but at a price of making it vulnerable. Internet of Things is already a big market. The time when our running shoes would be communicating with our watch doesn’t seem far away. Of all the technology trends that are taking place right now, perhaps the biggest one is the Internet of Things; it’s the one that’s going to give us the most disruption as well as the most opportunity over the coming years.