Updated: Sep 8
A system of people, animals, computers, and mechanical and digital devices that can communicate and exchange data is known as the "Internet of Things." This "thing" might be a person wearing a heart rate monitor, a car warning you to drive safely, your kettle signaling that your hot water is ready, or your refrigerator tweeting. Every day, more and more IoT systems are being used by businesses of all sizes, startups, technology firms, and career planners to enhance the quality of their work and offer more customers more effective services. Due to the rise in the popularity of remote work in our time, some businesses have accelerated their IoT research. Travel agencies and telecommunications firms have even started competing to become more integrated into this system. The future is nearer than we realize. Suddenly, "everything" will start talking to us. Let's look at some of the lesser-known facts about IoT.
1. How many devices?
IoT surrounds you dizzily as soon as you start your day. You start with the latest technology's favorite, smartphones. All devices connected to the Internet, your coffee machine, microwave, television, hair dryer, and thousands of others are a part of the IoT system and are indispensable in our lives. Don't be surprised if your kettle talks to your washing machine one day; it could happen later than we think. Just think of these appliances in your home or workplace worldwide. According to Statista, the number of IoT devices worldwide will be 38.6 billion in 2025 and 50 billion in 2030. This vast network will cover 'everything.' These developments, which indicate that technology, the Internet, and science are advancing at an incredible speed every second, also create a space for us to manage our homes and workplaces. The Internet of Things system appears most prominent in human resources, home offices, entrepreneurship, future employees, and telecommunication. Businesses have already set aside enormous budgets for IoT. By 2023, 1.3 billion mobile devices will be powered by 5G technology, significantly advancing IoT.
2. Living in a smart city
Who wouldn't want to live in a city from a science fiction film? Take a moment to picture leaving your car on the balcony of your 32nd-floor apartment. Moving buildings, rotating homes, flying cars: what about transportation? That one still has a little time. Did you know that there are currently 600 smart cities in the World? At least, they are trying to be. The leading ones are Tokyo, Hong Kong, Dubai, Dubai, Dublin, Kyiv, London, Madrid, Stockholm, and Oslo. A study predicts that by 2025, the GDP of smart cities will represent 60% of the global GDP. 65% of people will live in smart cities by 2040. The main concerns of the smart city municipality are reduced carbon emissions, cleaner air, less traffic, and more straightforward transportation. Even though most claim that urban dwellers are moving out of cities and into the countryside, this does not appear to be the case.
3. Your Internet-connected device is in danger
Within the first 5 minutes, every device connected to the Internet is attacked. Isn't it terrifying? The threat is frightening, given how many of these devices are manufactured yearly. Protecting IoT networks from cyber attacks requires significant effort and money. Here's how to protect yourself from hackers. While spending on IoT security systems was 91 million dollars in 2016, it is expected to increase to 631 million by 2021. The distinction also demonstrates how the World is online and rapidly evolving. According to Gemalto's research, 48% of businesses fail to detect threats on their networks and cannot identify when they are in danger.
4. Your T-Shirt is talking! - Wearable Technology
The fashion industry is one of the most active sectors for marketing firms. From technology travel, fashion is a market that will never die. Because of IoT, your t-shirts can communicate, and your pants can warn you not to wear them today. Is it a pipe dream? Not. It has already begun to manufacture such products for businesses. We're no longer discussing the smartwatch. We're talking about clothes or wearables that tell the story of your fabric's history and structure as you wear it. You won't have to be concerned if you misplace your favorite sweater because your phone will notify you of its location. Your clothes will do these things for you and provide fashion advice. This one sounds promising.
5. How much money?
Global IoT spending has increased by at least $40 billion annually since 2018. In 2020, IoT spending will have surpassed $749 billion. In 2022, global IoT spending was expected to reach $1 trillion. Furthermore, spending is expected to rise to $1.1 trillion in 2023, continuing the year-on-year acceleration. Spending on video entertainment exceeds expenditures on all other IoT categories combined. Video entertainment was the most expensive category of smart home spending in 2017 and 2018, with this trend expected to continue in 2023. On the other hand, other types are expected to account for a larger share of IoT spending.
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