IoT Is a Thing you should know about

Updated April 27, 2023

What you need to know about IoT

The Internet of Things (IoT) is already impacting our everyday lives in countless ways. Our Ring doorbell tells us when a package is delivered, our Apple watch monitors every step, and our smart refrigerator sends an alert when our milk has expired.

The IoT is the marriage between the digital and physical spheres to make our lives more efficient and comfortable. Through inexpensive cloud computing, data monitoring and mobile technologies, physical objects can collect and share data. These objects can then monitor, record and control the environment around them.

The Internet of Things means that many physical objects are now embedded with software, sensors or technologies that allow them to communicate with other systems and devices through the internet. When everyday objects are connected and capable of exchanging data, the developing technology is increasingly changing the way we run everything from our households to industrial tools. Today, there are more than 7 billion connected devices already operating as part of the existing IoT and they are transforming households and businesses alike.

Why IoT matters

Recent estimates suggest that the IoT could generate between $5.5 trillion and $12.6 trillion by the end of the decade. While household appliances are growing smarter by the day, 65% of that value will actually be created through business applications like smart offices and automated factories. Developing countries are a target for the growing IoT, as the infrastructure can be more easily built from the ground up rather than retrofitted with new technologies. These nations will benefit from nearly a quarter of all IoT development by 2030.

Companies like Cisco Systems, Dexcom, Impinj and Alarm.com are already making major headway in the rollout of the Internet of Things. Cisco Systems provides networking hardware, Alarm.com builds cloud software and Impinj uses radio-frequency identification to allow retailers and manufacturers to track inventory. Rather than building the infrastructure of the IoT, Dexcom offers diabetes management through glucose monitoring. These companies and many others like them are setting the stage for a future of interconnectivity for nearly everything we do.

The Impact of IoT

While the IoT is already changing the way we live, it’s not a seamless road to an interconnected, internet-run future. Much of the technology that fuels the IoT can be difficult to implement at scale, as businesses are forced to adapt to the new systems. Additionally, as the technology improves, interoperability becomes more and more essential to the growth of IoT. Analysts predict that the success of the IoT is dependent on the capability of interconnectability across systems and devices, while cybersecurity and surveillance concerns remain another top priority for successful growth.

The IoT is already making homes and businesses more efficient and less wasteful. Smart appliances and business applications save both time and money and are often more environmentally friendly. The IoT has already transformed life as we know it, but the potential of interconnected devices to change our world has only just begun. Consumer and industrial IoT applications are on pace to grow at a double-digit rate and will likely reach over $1 trillion by 2022.

Can you think of some ways you might have already experienced the IoT? How can you envision the IoT a decade or two in the future?

Would you invest in a company at the forefront of the IoT? Why or why not? Read more about IoT from Oracle.