Internet of Things
Oct 23 2017
5 Fascinating Facts you didn’t know about the Internet of Things
The scale of opportunity to harness the technological innovations shaping our world is truly limitless. At SBM we are continuously and meticulously studying ways to innovate life in the Kingdom. Our experts are working on the global front line of technology to understand the opportunities and challenges of global connectivity.
Smart, connected devices are already transforming our world and the competitive forces in business. From smart homes to fit bits, IoT connects smartwatches to refrigerators, billions of devices, with figures only set to multiply.
The Internet of Things (IoT) has the potential to change how we live and work. Our business partner IBM predicts the number of connected devices will grow over 29 billion by 2020 driving economic value of more than $11 trillion by 2025.
To demonstrate how fast this sector is growing and what an impact it will have on our lives and business, we have rounded up five of the most overwhelming IoT facts and stats that prove that the phenomenon is here to stay.
1. There are more connected IoT devices than people on the Planet
IoT will soon be the largest single source of data on the planet.
Gartner reports that in 2017 we have 8.4 billion connected ‘things’ which are a massive increase of 31% on 2016. This year we have seen a global investment of $2 trillion in endpoints and services that support the Internet of Things. Incredibly, next year Eriksson predict that the number of connected things will overtake the global number of mobile devices.
2. By 2020 a quarter of a billion vehicles will be connected to the Internet.
According to Gartner, one in five vehicles on the road will have some wireless connectivity by 2020. This opens up completely new possibilities for in-vehicle services and automated driving. The network of connected vehicles will transmit big data to help us predict and control traffic, reduce road accidents and even drive us from A to B. Google have already made huge advances in self-driving cars and they currently average around 10,000 autonomous miles per week. As if that wasn’t cool enough, luxury car brands are already working on human-machine graphic interfaces to make the smart-talking car a real possibility. Knight Rider anyone…?
3. The smart kitchen will save the global food industry billions…
Gartner predicts that by 2020, the connected kitchen will contribute at least 15 percent savings in the food and beverage industry. Sensors in your smart fridge will send real-time inventory data related to kitchen ingredients, so when you’re running low on household essentials like milk, the system will auto-generate a shopping list. This all results in a streamlined and efficient food supply chain. Plus think of all the time you’ll save on milk runs to the corner store!
4. Silicon Valley is coming to your home…
The IoT is connecting many of the devices we have in our homes, from smart thermostats to smart fridges. Bucking the trend, Google recently bought smart thermostat maker, Nest Labs, for $3.2 billion, and Samsung purchased connected home company SmartThings for $200 million. Apple also recently announced the launch of their Smart Home Kit to take on tech rival Amazon with the popular Alexa.
According to a CSGI report analyzing the business opportunities of the IoT, more than 9 businesses out of 10 report a significant financial return when they implement IoT initiatives. According to global software supplier SAP, 60% of global manufacturers will use IoT-sourced analytics to optimize their manufacturing processes in 2017. The same report by SAP also predicts IoT will lead to a 15% increase in productivity and supply chain performance.
Astonishingly, researchers are calling the Internet of Things our 4th Industrial Revolution. Transport, logistics, technology, and telecommunications are just some of the industries that are harnessing the full extent of IoT’s capabilities. Whatever we call it, it’s clear that in order to stay competitive in a connected world, businesses need to focus on integrating with the cognitive IoT solutions.
At SBM we can help you to use big data collated from connected devices to gain valuable insight and size up market opportunities. Get in touch with one of our experts today and join the revolution.
Country Manager, Software Group