Any device that connects to the internet belongs to the internet of things (IoT): a global network of connected devices and a sector of the technology industry that is rapidly expanding.
Whilst smaller, ‘smarter’ sensors enhance the capabilities of IoT devices, and the development of 5G connectivity increases the speed at which they can process information, we are only beginning to scratch the surface of what this next-generation technology can achieve.
As the number of IoT devices worldwide continues to grow and more industries seek innovative ways to leverage the enhanced connectivity and efficiency they can provide for different applications, there is a lot to know — and still to discover — about the IoT. However, one thing is certain: this technology is revolutionising the way we live and work as digitisation sweeps through every sector at an unprecedented rate.
We have collated seven facts that demonstrate how far the IoT has already come in 2022 and why businesses should consider embracing the limitless potential of this ever-evolving technology…
1. The first IoT device could have been a Coke machine
The IoT was not always as ubiquitous or complex as it is now. In fact, it is thought that the first IoT device was born from a caffeine craving!
Before the internet even existed as it does today, three university students at Carnegie Mellon in the early 1980s sought to end disappointing trips to empty vending machines. By installing sensor-controlled red and green lights that indicated the availability of Coca-Cola bottles, students could check stock from their desks via a corresponding computer program.
This interface is one of the earliest recorded examples of IoT technology in action and an excellent demonstration of problem-solving and innovation in electronics.
2. IoT sensors are all around us
Sensors gather a range of data and relay relevant information to IoT platforms, which, with the help of advanced analytics, allows them to make helpful suggestions and automate processes.
As more everyday objects become connected to the IoT, we will encounter many different IoT sensors in our day-to-day lives — from gas sensors in carbon monoxide alarms to optical sensors that adjust smartphone screen brightness.
3. Today’s must-have gadgets use IoT technology
Smart devices have become immensely popular among consumers in recent years. For example, voice-controlled gadgets such as the Google Home and Amazon Echo hubs have revolutionised how we organise tasks and interact with technology around the home, allowing us to hear the news and play music without lifting a finger.
Plus, IoT technology has brought us new safety gadgets like video-integrated doorbells and underpins money-saving, environmentally-friendly products like smart light bulbs, switches and thermostats. Demand for these devices will continue to grow as more people look for ways to cut costs and reduce carbon footprints.
4. By 2025, 152,200 IoT devices will connect to the internet every minute
IoT is on track for significant growth in the near future. According to the IoT Analytics’ ‘State of IoT — Spring 2022’ report, IoT connections could reach 27 billion by 2025.
This figure results from accelerating market growth that is partly attributed to trends in healthcare and manufacturing, two sectors that have led to the increased uptake of IoT technology in the post-pandemic world.
5. Most senior executives say IoT is critical to business growth
According to a survey on the importance of, confidence in and investment plan for the IoT in organisations worldwide, 90% of senior executives in media, tech and telecommunications believe IoT is pivotal to growing a business.
IoT devices can automate tasks, increase efficiency and minimise faults, reducing costs and improving productivity. As a result, businesses can enjoy higher profits and invest in new business opportunities informed by consumer data gathered by distributed IoT sensors. It is, therefore, unsurprising that 90% of retailers also plan to use IoT to improve customer experiences, according to a recent Verified Market Research report.
6. IoT is one of the fastest growing tech sectors
It has been widely reported that the number of connected IoT devices has increased rapidly in recent years. But did you know that the entire IoT market has been expanding faster than most other technology areas?
Experts predict the annual growth rate of the IoT market will be 26.4% between 2022 and 2029, with an expected market value of $2,465.26 billion by the end of this forecast period — a considerable rise from its 2021 valuation of $384.70 billion.
7. Businesses become more efficient with IoT technology
An Aruba Research Report, ‘The Internet of Things: Today and Tomorrow’, found that an overwhelming majority (83%) of business leaders who implement IoT devices report significantly increased efficiency and visibility. These improvements are primarily due to the far-reaching benefits of IoT technology, such as its ability to facilitate expansion into other markets.
EC Electronics provides bespoke electronics manufacturing services (EMS) for original equipment manufacturers (OEMs) looking to develop IoT products. To get in touch, contact us at +44 (0) 1256 461894 or email firstname.lastname@example.org to discuss the needs of your project.