Why Internet of Things Matters

Our lives have been transformed in the 21st century by innovations like iPod, Smartphones, Smart TVs and Facebook. Internet of Things is another technological rise that is becoming commonplace in our day-to-day lives.

But what is the Internet of Things? And how is it changing our home and how we live?

 

In Brief

Internet of Things has been described by The European Commission as merging “physical and virtual worlds, creating a smart environment”.

Intel the chip-making giant refers to the Internet of Things as being a “robust network of devices” that are embedded with electronics, software, and sensors. This enabled the devices to both exchange and analyze data.

In simpler words, you can think of Internet of Things as a network of devices that are connected via the internet and could “talk” to each other. Take your front door light, for example, you can switch it on or off from your smartphone regardless of where you are. Or maybe a smartwatch that is taking your health data all day long from your wrist and feeding it to an online app that analyzes that data for you.

Apart from that, there is also what is known as Industrial Internet of Things (IIoT) which broadly refers to businesses and manufacturers that are using internet of things to improve productivity and efficiency.

 

Economic Impact

Internet of Things could make a significant impact on the economy in the coming years.

The potential Internet of Things economic impact by the year 2025 could be anything between $3.9 and $11.1 trillion, according to analyses from McKinsey Global Institute.

 

The brave new world might be changing faster than we could comprehend. Now, almost all of us carries a smartphone which a little over two decades ago we were used to having only one telephone per house. It is exciting but at the same time could be scary, especially when it relates to our privacy rights and security.

Anyhow, we should not leave our lives to be run by technology. We’re the ones who are supposed to be running technology to assist and simplify our lives.

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