What is The Internet of Things (IoT) ? What is its value ?

IoT Concept and Examples

The IOT concept was initially coined by a member of the Radio Frequency Identification (RFID) development community in 1999, and it has recently become more relevant to the practical world largely because of the growth of mobile devices, embedded and ubiquitous communication, cloud computing and data analytics.

Since then, many have seized on the phrase “Internet of Things” to refer to the general idea of things, especially everyday objects, that are readable, recognisable, locatable, addressable, and/or controllable via the Internet, irrespective of the communication means (whether via RFID, wireless LAN, wide- area networks, or other means).

Everyday objects include not only the electronic devices we encounter or the products of higher technological development such as vehicles and equipment but things that we do not ordinarily think of as electronic at all – such as food and clothing.

Examples of “things” include:

• People
• Animals and Natural ecosystem
• Location (of objects)
• Time Information (of objects)
• Condition (of objects)

These “things” of the real world shall seamlessly integrate into the virtual world, enabling anytime, anywhere connectivity.

Internet of Things (IoT) Global Economic Value

In 2010, the number of everyday physical objects and devices connected to the Internet was around 1 billion.

Cisco forecasts that this figure will reach to 25 billion in 2015 as the number of more smart devices per person increases, and to a further 50 billion by 2020.

In addition, the global economic impact, which IoT will collectively have, will be more than $14 Trillion; if we compare this to the world population, then by 2020 we will have around more than six connected devices per person.

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