The term, Internet of Things (IoT) has been around for a while now. Several notions about the same populate the internet. Some are worth considering while others maintain their ambiguity. Adding to this, there is a lot of misinformation or misleading information that circulates over the web about IoT.

It’s time to uncover the mysteries and let people know what exactly the Internet of Things (IoT) is?

For a layman, IoT can be described as the ability of smart gadgets or devices to communicate or interact with other devices or gadgets through a medium called Internet. Any device, which is smart, internet-enabled and possesses the ability to interact makes up the Internet of Things.

Last two decades have been ruled by tech innovations and creative notions that have powerfully shaped the force for our personal as well as professional lives. Fortunately, this is not the end and this domain looks to flourish unlike any other in the history of technology.

Let’s crunch some numbers

•    After two decades of its existence, around 87% of people have never heard the term, IoT before
•    In 2008, it was recorded that the number of IoT devices are more than total number of people in the world
•    Approximately 5 billion internet-enabled devices are present in the world
•    By 2020, there will be approximately 50 billion internet-enabled devices
•    By 2017, about 82% companies will implement IoT applications to their businesses
•    By 2020, it is predicted that about 90% cars will be connected to the Internet
•    By 2025, IoT will impact the total economy by roughly $11 trillion

The numbers above are certainly eye-openers for all of us especially those who aren’t aware of what’s cooking in the tech world.

What constitutes IoT?

The connected or smart devices possessing capabilities to interact with other such devices or humans fall under the umbrella of IoT. There are myriad devices with such capabilities and most common being the modern smartphones, computers and tablets. Further, with the advancement in technology, self-driving cars, fitness bands, refrigerators, light bulbs and thermostats are other few that append the list.

Wearables

The wearable technology has blossomed in the past five years. Wearables like health trackers, fitness bands, smart watches and more have made way to the market lately. People are relying on such tech gadgets to track their health and keep up the same in the stress-oriented and hectic environment.

As per a survey, the wearable market had witnessed a significant growth of about 223% last year. The percentage rise in the market indicates a promising future while the innovative components will overshadow presently dominant smartphones and tablets. Though millions of fitness bands and trackers have been ordered lately by people, there are still many members of modern society who are unaware of the trending IoT. No wonder this section of the audience will soon be hit by tech trend that is expected to rule the future.

Self-driving cars

Another jaw-dropping innovation that constitutes IoT is self-controlled cars. Experts have intimated that future cars will be connected to the internet and most of them will be self-driven. However, the whole domain of self-driving cars is still in the tender stage, but tech and automotive giants are continuously working to bring the magic to the world.

It’ll take some years of development and testing for self-driven cars to hit roads, but once they become a staple of garages, they’ll revolutionize the IoT domain completely.

Future of IoT

With technology advancement, the sector to be impacted largely in years to comes is IoT. The way users explore, learn and educate new notions will transform. New connected devices will emerge, new technologies will evolve and ways of communication will drift to new horizons. According to McKinsey Global Institute, IoT will impact the global economy approximately $11trillion by 2025. The economies will grow and the world will become more and more connected.

Next two decades will be crucial as far as Internet of Things is concerned. It is assumed to impact the world’s economy on a large scale. The immeasurable potential for smart and connected devices along with endless opportunities for society and businesses in years to come, IoT maintains its significance.

The future will also see a significant number of app development agencies in India and around the globe working on building more smart devices enabled mobile apps- owing to the subsequent demand for apps and devices.