If you’ve been on the internet anytime recently (I’m assuming you have) you may have heard about “The Internet Of Things” and how it just might be the most exciting thing happening in the world of technology. If not, strap in… we’re about to enter the future, baby.
The Google definition of the IoT is: the ever-growing network of physical objects that feature an IP address for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems. Basically, everything becoming part of the internet, even objects like your fridge and car.
The possibilities are endless. Whatever you are imagining about it right now… times that by 10 and you’ve still not come close to the potential of the IoT. I’ve read up on it quite a bit and I still get shocked when I find out a new advancement in the technology.
Do you ever hear people say, “What was life like before mobile phones/internet? How did we manage?” It’s going to be exactly like that.
For instance, it will be useful in preventing all kinds of mishaps, disasters and maybe even deaths. It has the power prevent car crashes, tell your doctor you’re having a heart attack…etc Anything you’re thinking of it most likely has the potential to do. Yes, even save lives!
OK, time to get geeky with some facts and figures:
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*The worldwide Internet of Things market is predicted to grow to $1.7 trillion by 2020, marking a compound annual growth rate of 16.9%
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An estimated 25 billion connected “things” will be in use by 2020. – Gartner Newsroom
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*Wearable technology vendors shipped 78.1 million wearable devices in 2015, an increase of 171.6% from 2014. Shipment predictions for this year are 111 million, increasing to 215 million in 2019. – IDC Worldwide Quarterly Wearable Device Tracker
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*By 2020, each person is likely to have an average of 5.1 connected devices. – Frost and Sullivan Power Management in IoT and Connected Devices
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*In a 2016 PwC survey of 1,000 U.S. consumers, 45% say they now own a fitness band, 27% a smartwatch, and 12% smart clothing. 57% say they are excited about the future of wearable technology as part of everyday life. 80% say wearable devices make them more efficient at home, 78% more efficient at work. – PwC The Wearable Life 2.0: Connected Living in a Wearable World
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*By 2020, more than half of major new business processes and systems will incorporate some element, large or small, of the Internet of Things. – Gartner Predicts 2016: Unexpected Implications Arising from the Internet of Things
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*65% of approximately 1,000 global business executives surveyed say they agree organizations that leverage the internet of things will have a significant advantage; 19% however, still say they have never heard of the Internet of Things. – Internet of Things Institute 2016 I0T Trends Survey
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*8. 80% of retailers worldwide say they agree that the Internet of Things will drastically change the way companies do business in the next three years. – Retail Systems Research: The Internet of Things in Retail: Great Expectations
Pretty exciting stuff, right?
But I can’t help thinking that it’s not all rosy – there are potential bad consequences it could possibly have. A funny looking fella in a red and blue suit hanging upside down off a spider web once told me that his Uncle Ben said to him: “With great power comes great responsibility.” And he was right.
The realist inside me can’t help but notice that some people are bad people, and these bad people would work out a way to use the IoT for… well … something bad. And maybe even on a huge scale. I haven’t got my tinfoil hat on right now so I can’t exactly tell you what, but you know it makes sense. I’m thinking wars, spies, James Bond villain type stuff, you know?
Not to mention what will happen if such a large amount of data is spewed together: These confidential bits of data can be used to affect our insurance rates, or to steal money from our bank accounts. Yikes.
Ok, enough of the scary stuff now. Do the positives outweigh the (potential) negatives? Yes, we at Hatters think they do. Maybe eventually your stationery cupboard will be able to tell us that you are out of your branded pens or jelly beans, and re-order, in the way that your fridge will tell Tesco what’s needed on your weekly shop? Who knows?
