Did you know by 2020, approximately 26 billion objects will be linked together in the internet? The expression “Internet of Things” (IoT) was coined by the British technology pioneer Kevin Ashton in 1999. It is concept that converges the unconnected objects and processes with the ones that are digital- by their nature. IoT is enabling the advancements with its standardized, ultra-low-power wireless technologies. Likes of Bluetooth and ZigBee have proven instrumental in driving sensor and node implementations, while Wi-Fi and cellular connectivity serve as a backbone for transferring the collected data to the cloud.
3 Ways It’s Going To Impact Use
Everyday obj
ects is going online:
The Internet has been almost completely dependent on people for its supply of information. But in the future, things will be able to input data themselves. It will be as though a net is laid over the physical world, linking up and processing the abundance of data generated by “smart” things and ubiquitous sensors. This is expected to reveal patterns and make everything from energy to logistics transparent and potentially open to real-time optimization.
Untapped pote
ntial in IoT: In its 2013 “Global Information Technology Report,” the international strategy consultancy company Booz & Company studied the economic and social effects of digitization. According to this study, a 10-percent increase in a country’s digitization rate leads to a 0.75 percent higher gross domestic product (GDP) per capita and a 1.02 percent lower unemployment rate.
M2M Market Share Worldwide: A key technology for connecting everyday 
objects to networks is radio frequency identification (RFID), in which data from a chip is transmitted via wireless links. Market research firm Navigant Research reports that in 2012, almost 40 million devices around the world were equipped with Zigbee. In 2020, that figure is expected to grow to over 200 million — a more than five-fold increase within just eight years.