Things You Probably Didn't Know About Internet Of Things

Devices with embedded sensors and ability to gather and exchange data over an Internet connection are steadily rising in numbers. Everyday objects such as your toaster, refrigerator, car, electric lamp, alarm, wristband, watch etc. can now send and receive data through an Internet portal. By 2025, there could be around 75.44 billion connected devices around the world according to Statista.com. A common Internet of Things platform brings together the data devices send, analyses this data and extracts meaningful information which is then used to trigger meaningful action in a secure manner. This is how Internet of Things work.

What is Internet of Things platform
 
Diverse connected devices or things require a common language to securely communicate with each other. Internet of Things platform is a technology which makes that possible apart from data analytics and derivation of actionable intelligence from the device data. It makes use of cloud technology to securely receive and send data to various connected devices. IoT platform also provides tools for developing applications for IoT hardware. Number of IoT platforms is rising with rising number of IoT devices.

Stats about Internet of Things

Internet of Things or IoT device market could reach 1.1 trillion dollar by 2026.

There could be 3.5 billion cellular IoT connections by 2023.

IoT Market will attract 15 trillion dollar in investments by 2025.

IoT Management market could reach 16.86 billion dollar by 2025.

Global spending on IoT could reach 1.29 trillion dollar by 2020.

IoT Will add 10 - 15 trillion dollar to global GDP by 2030.

75% Of new cars will come with built in IoT connectivity by 2020.

Internet of Things and Cyber-security

IoT technology makes life more convenient but at the same time it is increasing opportunities for hackers and cyber-criminals. Every connected device is a potential target and can become a point of network vulnerability. Cyber-security should be the first thing in mind while purchasing an IoT device. Usually manufacturers don't make their devices secure enough. A not properly secured IoT device could be used by hackers to breach network and hold the entire system for ransom. The increasing number of cyber-attacks is a signal to manufacturers to make their products with advanced security features.

A Use case of Internet of things

You are awaken in the morning by your smart alarm. The smart alarm doesn't just wakes you up, it also signals the coffee maker to start brewing coffee and curtains to fold up. It signals the geyser to turn on, so by the time you enter shower, hot water is ready. The geyser can signal your smart toaster to turn on and electric vehicle to start charging so that by the time you are all set it is ready to take off. Your smart camera senses your absence and signals smart doors to lockup and thermostat to turn off. This is an example of how IoT makes life easy, but it can also be used by hackers to make life difficult, if the security is not competent enough.

References:

1) https://www.ibm.com/blogs/internet-of-things/what-is-the-iot/
2) https://www.iotforall.com/what-is-iot-simple-explanation/
3) https://www.visioncritical.com/blog/internet-of-things-stats
4) https://financesonline.com/iot-statistics/