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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​

Director

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.

George Krieser​

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George Krieser founded Total Credit Recovery Limited (“TCR”) in 1980 and is the President and Chief Executive Officer. TCR is the largest 100% Canadian-owned and operated collection agency, solely collecting Canadian debt. George previously served as a Director of Universal Energy. He also served as a member of the board of directors of Baycrest Foundation and as a member of the fundraising committee for UJA Federation of Greater Toronto.
Gary Goodman​
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Gary Goodman is a Trustee and Chair of the Audit & Risk committee of Boardwalk Real Estate Investment Trust., a former Chairman of Huntingdon Capital Corp., trustee of Gazit America & Brightpath Early Learning, and is a member of the advisory boards of the Vision Funds. Gary was previously Executive Vice President of Reichmann International where he served as a senior financial executive and trusted advisor for over 30 years.

Chris Gower

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Chris Gower started his career in construction on the tools – framing houses, where he grew a deep appreciation for the trades. Prior to his current role as Chief Operating Officer, Buildings at PCL Construction (“PCL”), Chris held positions including construction risk manager, senior project manager, district manager and regional vice president. Throughout his more than 25 years at PCL, he has delivered iconic construction projects across Canada, Australia and the United States.

June Thomson

EVP, Sales, Marketing
& Business Development

June joined the Eddy team coming from Enercare after 10+ years in various roles, most recently as Vice President of the North American Builder Division. June has been in the HVAC industry for over 41 years, holding several roles throughout her career from Technician to Provincial Offences Officer.

Saj Khan

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Sajid Khan helped launch Eddy Solutions and has been in the role of Chief Operating Officer since inception. With more than 20 years of leadership and operational experience in the home services sector, Saj has held roles such as COO of Eco Energy Service, Vice President of Operations at both National Home Services and Universal Energy.

Boris Baril

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With more than 25 years of financial experience, Boris has held both public and private company CFO roles; supported two (TSX listed) initial public offerings (IPOs), debt and equity capital raises, and M&A transactions. Boris graduated from York University and is a CPA, CA.

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Mark L. Silver is President of Optus Capital Corporation. Mr. Silver has made significant real estate investments in both development stage and income producing properties in the residential, commercial and industrial sectors over his 35 year business career. Over the last 22 years, these investments have been made through his company, Optus Capital Corporation. Mr. Silver was a founding partner and Chief Executive Officer of Universal Energy which was sold in 2009 to Just Energy Group Inc. He co-founded Direct Energy Marketing and grew the company to over $1.3 billion in revenues before selling to Centrica PLC (also known as British Gas) in 2000.