Many “things” are now being built with Wi-Fi connectivity, meaning they can be connected to the Internet—and to each other. Hence, the Internet of Things, or IoT. The Internet of Things is the future and has already enabled devices, home appliances, cars, and much more to be connected to and exchange data over the Internet. And we’re only in the beginning stages of IoT: the number of IoT devices reached 8.4 billion in 2017 is expected to reach 30 billion devices by 2020.
As consumers, we’re already using and benefitting from IoT. We can lock our doors remotely if we forget to when we leave for work and preheat our ovens on our way home from work, all while tracking our fitness on our Fitbits and hailing a ride with Lyft. But businesses also have much to gain now and in the near future. The IoT can enable better safety, efficiency, and decision making for businesses as data is collected and analysed. It can enable predictive maintenance, speed up medical care, improve customer service, and offer benefits we haven’t even imagined yet.