As technology advances, the Internet of Things (IoT) is becoming part of our daily lives. More and more people are using smart devices in their home. Smart glasses, self-driving cars and home automation are no longer a dream. Here are a few interesting facts about the Internet of Things, according to Motley Fool and Forbes.
By 2021, IoT is expected to be an industry worth $1.4 trillion, as companies invest in software, hardware and other services. According to General Electric, over $60 billion is expected to be invested in Industrial IoT products and devices by 2030.
In 2020, it is expected that there will be 24 billion IoT devices, according to BI Intelligence. Most will be used by businesses and governments, but a large portion (five billion) will be used by consumers.
Also in 2020, around a quarter of a billion vehicles are expected to be connected to the internet. Over 10 million units of clothing connected to the internet are expected to be shipped in that year as well.
By 2024, 27 billion machine-to-machine connections are expected to be made, with the bulk of them in China and the United States. Almost a quarter of large global enterprises were using IoT last year, according to Forrester Research, though a good percentage of smaller and mid-sized businesses (14 percent) were using it as well.