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Why is everyone talking about the Internet of Things?

Internet-of-thingsWhat is the Internet of Things (IoT) and why is everyone talking about it? The technology isn’t new, but the lower cost of sensors, processors, and mobile networking has made it much more accessible and affordable to implement, especially for the automation and motion control industry and everyday life.

This industry looks to be full of opportunities for companies developing and selling IoT-related products and services, not to mention their suppliers.

Gartner says there will be 26 billion connected devices, ABI Research says 30+ billion devices, Cisco believes there will be 50 billion connected devices – all by 2020. Click here for Cisco’s IoT infographic.

In terms of dollars, Gartner estimates that IoT product and service suppliers will generate incremental revenue exceeding $300 billion in 2020. IDC forecasts that the worldwide market for IoT solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.

IoT-graphic
For good articles that explain IoT, check out the 4-part series, Internet of Things in the Real World, by Ed Brown of IHS Engineering360.

Part 1 – What is the Internet of Things?

Part 2 - Focuses on specific practices

Part 3 – Discusses how the Internet of Things (IoT) will actually be implemented in an industrial enterprise

For a good article on market estimates and forecasts, click here for the Forbes article, Internet of Things by the Numbers: Market Estimates and Forecasts, by Gil Press.

And like anything else on the internet, engineers should consider security measures and incorporate those in their designs, as pointed out in the article, The Era of Designing Defensively, by Leslie Langnau, Managing Editor of Design World.

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Tribute, Inc. is a provider of ERP business management software for distributors and system integrators in the fluid power, hose, motion control, automation, fluid handling & pump industry who provide value-added services.