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Enormous Growth is Predicted in the Internet of Things

From the Editor's Desk
Jan 29th, 2015
  • Estimated reading time: 1 min read
  • Hummy's
    Highlights

    1Smart energy increases efficiency in the home. 2Belkin will be a major player in this field. 350 billion IoT devices are expected to be in use by 2020.
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Devices & Wireless

Power button in contemporary hybrid car Photo Credit: EMIL IMARIETLI Bigstock.com

Are you willing to give up some privacy and personal data to run your home more efficiently, save money and make life run more smoothly? According to Sarah Austin, contributor to Entrepreneur.com, many of us are willing accept the trade-off because the benefits are amazing.

Austin says, “The Internet of Things, or IoT for short, which describes a market of everyday objects and appliances with Internet connectivity, is going from novel to pervasive. Today, there are 1.9 billion connected devices, and that number is predicted to grow to 9 billion devices by 2018. Erickson predicts there will be 50 billion connected devices by 2020.”

“Smart energy” technologies offset costs.

A prime example of IoT is Nest, recently purchased by Google. Austin tells the story of Nest, the new smart thermostat maker. Google judged Nest as desirable because it was the “first company to make IoT have a value proposition.”

Google recognized that smart energy depends on embedded technology throughout the home. And, it also understood there must be solutions for customers with older appliances who cannot afford large initial investments. So, Nest thermostats are able to control older furnaces, helping people save money.

Belkin is on the move – WeMo products are coming soon.

Austin says to look out for Belkin, well-known for its wireless routers. Chet Pipkin, Belkin’s CEO, is focused heavily on “smart modules” that can connect appliances to the internet from anywhere.

Predictions are promising for companies who invest in IoT – the territory is wide open and the potential is vast.

To read the original article in its entirety, please visit Entrepreneur.com.

About the Author

From the Editor's Desk

This article was written by a bizHUMM Staff Writer. We aim to provide practical tips that help solve your burning small business questions. If you have any suggestions or ideas for articles, please email them to: editor@bizhumm.com