IoT Really a Boon? 6 Facts from Experienced Truth (Guest Post)

The Internet of Things is here and its driving everybody crazy! It has even been dubbed the fourth Industrial Revolution which is no mean feat but many are still skeptical about its potential. Despite the skepticism, the industry has been growing at a rapid pace over the years. What is astounding is that even though it is already playing a key role in our lives, up to 87% of the population have not heard of the term. If you happen to fall in to that 87%, let us provide a little background: Internet of Things, also known as IoT is a term that applies to any electronic object that can connect to the internet and share data with other devices. Examples include refrigerators to things like hidden cameras or even a spy camera.
IoT Objects Have Been Around for A Long Time
The first IoT object is widely considered to be the ATM. Over the years, IoT objects have been used in an increasing number of scenarios and situations. Back in 2008, IoT devices outnumbered the human population in number. A great example would be the remotely enabled system in most midrange or high end vehicles nowadays. While car manufacturers call them by different names, they can generally switch on or switch off your vehicle and a host of other activities, all from a mobile phone app. This functionality is controlled by a main server and always-on internet connectivity for the exchange of data.
Self-Driving Cars Make Use of IoT Systems
Self-driving cars are being heavily pursued by a number of companies including Waymo, Uber and Tesla to name a few. While they are advancing with the tech, it would not be possible without a little help from IoT devices. The tech inside cars needs to communicate with other sensors on the road and the rest of the environment in order to gain information about things like the traffic and the weather. Very soon, we could even see IoT devices present inside a road sign!
IoT Devices Are Predicted to Have a Huge Market Value
According to Frost & Sullivan, by 2020, the IoT market would be worth around one and a half trillion US Dollars while other analysts predict that around forty-one trillion US Dollars will be spent on incorporating Internet of Things objects into the environment within the next decade.
Internet Connected Clothing Is Here Too!
However unbelievable this sounds, IoT clothing is here. Although only around one hundred and forty thousand internet-connected garments were sold back in 2013, researchers estimate that this figure will rise up to ten and a half million within the next two years.
IoT Brings a Host of Security Issues
Most cyberattacks nowadays are DDOS attacks which make use of unprotected IoT objects as an entry point in order to do the attack. Major companies like Sony have been targeted by these attacks.
Machine to Machine Connections Are Set to Grow
Machine to machine connections were at five million at the start of 2015 but are estimated to grow to twenty-seven billion within the next seven years with the USA and China taking up 41% of the overall market.
About our Guest Author, Rachel Stinson
Rachel Stinson has always had a knack for writing, food, fashion, and places. Blogging has combined all four for her with an added bonus of enthusiastic audiences. She expertly analyzes real estates, restaurants and electronics stores with respect to pricing and people involved and can express her opinions in an unhesitating, engaging manner for all matters.

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Paul Pathak is a partner of Chitiz Pathak LLP. Paul practices principally in the areas of corporate, securities, corporate finance, mergers and acquisitions and commercial law. He represents and provides sophisticated guidance to private and public corporate clients in a broad range of industries, including mining, technology, manufacturing, venture capital and merchant banking.

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