Wednesday, October 18, 2017 9:04:51 AM
You often hear buzzwords like the Internet of Things (IoT), but may wonder what the heck it really means. Probably the simplest definition for it is that the IoT describes a growing network of connected "things" that contain sensors, chips, processors and the ability to interact with other "things" on a network.
With each day that passes, more and more "things" become connected to the internet. Today, these include not only your computer and smartphone, but very possibly your car and your home appliances. Last year, there were an estimated 18 billion devices capable of receiving and sending data. That number is expected to soar to more than 75 billion in 2025, according to research firm IHS.
In fact, the home market for smart devices is forecast to be a $125 billion one by 2022. But the much bigger opportunity for you as an investor will reside in the business applications of the Internet of Things, which goes by the name of the Industrial Internet of Things or Industry 4.0.
The number of connected devices here is growing exponentially. According to the research firm Gartner, there were 2.4 billion connected devices being used by businesses in 2016 and a forecast 3.1 billion in 2017. That number is expected to more than double by 2020, to 7.6 billion.
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