Internet of Things (IOT)

The Internet of Things (IoT) is a network of diverse connected devices that can communicate with each other, collect data and transfer it across the network without human intervention. By 2030, over 50 billion devices will be connected via the Internet of Things. Global spending on this technology will reach an estimated $1.1 trillion in the next two years. IoT refers to the billions of physical devices around the world that are now connected to the internet. Devices can be as small as a pill or as big as an airplane. Connecting up all these different objects and adding sensors to them adds a level of digital intelligence to them.

Pretty much any physical object can be transformed into an IoT device, if it can be connected to the internet to be controlled or communicate information. The Internet of Things (IoT) is the idea of adding sensors and intelligence to everyday objects. In the past, progress was slow simply because the technology wasn't ready. The adoption of low-power RFID tags solved some of these issues, along with broadband internet and wireless networking. Adding RFID tags to expensive pieces of equipment to help track their location was one of the first IoT applications. But since then, the cost of adding sensors and an internet connection to objects has continued to fall, which could lead to virtually connecting everything with the internet. The IoT was initially most interesting to business and manufacturing, where its application is sometimes known as machine-to-machine (M2M). But the emphasis is now on filling our homes and offices with smart devices, transforming it into something that's relevant to almost everyone. Early suggestions for IoT devices included 'blogjects', 'ubicomp' and 'invisible computing'.

IDC predicts 41.6 billion connected IoT devices by 2025. Industrial and automotive equipment represent the largest opportunity of connected "things". Building automation, like connected lighting, will be the fastest growing sector. Enterprise and automotive sectors will account for 5.8 billion devices in 2022, up a quarter from 2020. Moreover, the Industrial Internet of Things (IIoT) uses sensors, wireless networks, big data, AI and analytics to measure and optimise industrial processes. The IIoT can also create new revenue streams for businesses through predictive maintenance and management of production from start to finish. Looking beyond the home, sensors can help us to understand how noisy or polluted our environment might be. Self-driving cars and smart cities could change how we build and manage our public spaces. As the price of sensors and communications continues to drop, it becomes cost-effective to add more devices to the Internet of Things. There are many competing platforms and standards, and it's not clear which will win out. But without standards, and with security an ongoing issue, we are likely to see some big IoT security mishaps in the next few years.

As the number of connected devices continues to rise, our living and working environments will become filled with smart products – assuming we are willing to accept the security and privacy trade-offs. Some will welcome the new era of smart things. Others will pine for the days when a chair was simply a chair. IoT is a disruptive technology that changed the world and it will never be the same again. I also believe that the emergence of Edge computing in its different forms and shapes has contributed to lower the adoption barriers of IoT. Lastly, I anticipate that in the next few years IoT will continue to penetrate deeper in various sectors and tape into more industrial and governmental settings.