The Internet of Things (IOT) has evolved from the convergence of wireless technology, internet, and every day consumer products to offer advanced connectivity from those products to consumers.
The interconnection of these embedded devices (including smart objects, such as heart monitoring implants, biochip transponders on farm animals, automobiles with built-in sensors, field operation devices used in search and rescue, smart thermostat systems, and washer/dryers that utilize wifi for remote monitoring is expected to automate nearly all technology fields, while also enabling advanced applications such as Smart Grid.
As early as 1982, the concept of the Internet of Things was developed with the modification of a Coke machine at Carnegie Mellon University. This became the first internet connected appliance with the ability to report inventory and condition of its products.
The use of the term “Internet of Things” was popularized in 1999 by MIT and related market analysis publications and has evolved into many of the technologies we see today in a multitude of household and personal items, such as 3D printers, Drones, Smart Home devices, Smart Phones, Blu-ray disc players, refrigerators, and many other appliances. The number of connected devices will more than double from the current level, with 40.9 billion forecasted for 2020.
By 2020, the Internet of things and its surrounding technology industries are expected to be a $7.1 trillion market. This change will create a new era of information and communication technology world-wide with smart cities, cars, and houses driving the nearly 13.3% annual growth rate. Though there are a number of hurdles still to overcome, end users of these smart technologies are unaware of the overall possibilities yet.
With the base of installed active wireless connected devices exceeding 16 billion, it is forecasted that there will be approximately 40.9 billion connected devices by 2020. With talk of cars connected to the internet, driverless cars, M2M connected consumer electronic devices, wireless connected lamps and light bulbs, and so on, technology is taking a giant leap forward.
Because of the low cost of adding ITO technology to consumer products, so called “ghost” devices will be more common. A “ghost” device is a combination of products with the capability built in, but that require software to “activate” it with the IOT functionality that customer don’t actively have.