15:50 19 April 2017
Internet of Things (IoT) refers to the inter-networking of physical devices embedded with sensors, software and internet connectivity that allow them to collect and exchange data. These devices range from everyday objects such as your coffee pot, Amazon Echo and Fitbit.
The term Internet of Things was coined by Kevin Ashton, a digital innovation expert, who defined IoT in this quote: “If we had computers that knew everything there was to know about things—using data they gathered without any help from us—we would be able to track and count everything, and greatly reduce waste, loss and cost. We would know when things needed replacing, repairing or recalling, and whether they were fresh or past their best.”
Experts have predicted that by 2020, there will be 50 billion connected devices and that businesses that learn to harness the data created by the Internet of Things are the ones who will survive and thrive in the future.
The introduction of IoT has lead to the creation of several new products and innovations ranging from wearable technology to smart home technologies and smart cars. In 2015, there were 78.1 million wearables sold including smart watches, fitness trackers and VR headsets while the sale of smart home technologies is expected to grow even more in 2017 as it has been predicted that 70per cent of people who purchased their first smart home device are more likely to purchase more.