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IoT: The Next Big Technological Revolution

Publisher : Fractovia | Published Date : 2019-05-18

If you’ve been around the tech world long enough, chances are that you’ve stumbled across the term the Internet of Things. However, there’s also a realistic chance that you aren’t quite sure what it actually means. In fact, statistics have shown that 87% of the people are don’t know the meaning of the phrase ‘Internet of Things’. If you find yourself in the majority, there is nothing to feel ashamed about. After all, this technology hasn’t reached its full potential yet, and we can only speculate about its impact on our future lives.

The term ‘IoT’ is defined as the use of network sensors embedded in physical devices to allow for control and monitoring. Honestly, this definition can be confusing, so to put it simply, the IoT is an ecosystem where all the connected devices can communicate with each other via the internet. To develop a better understanding of this concept, let’s head on to the part which tells us exactly how IoT will impact our work and personal lives.

Although it’s impossible to predict specific innovations or technologies that may arise, we can estimate that the IoT will bring forth the increase in productivity and efficiency that will impact all sectors. Just think about how much money we can save from cutting down clinical and operational inefficiencies in the healthcare industry — we’re talking billions here. In fact, to be precise, $100 billion, or 25%, according to the source.

The IoT technology is responsible for the largest economic growth in the history. Namely, it’s predicted that by 2020, global spending on IoT technologies will exceed $1.3 trillion.

US citizens seem to sold on the whole notion of creating a connected world according to the IoT statistics that says that a fifth of all American consumers will purchase a smart device by the end of 2020.  

Labeled as the ‘next big thing’, the Internet of Things will undoubtedly bring a major shift in the way we live, work, and entertain ourselves. If you are curious to find out more about this cutting-edge technology, by all means, keep reading the infographic below.  

IoT: The Next Big Technological Revolution

Editor Team, Fractovia
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