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Technology Trends/Internet of Things (view source)

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<h2>Business Brief</h2>

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The Internet of Things (IoT) market has grown tremendously over the past two decades. In 2018, total global spending on smart devices and services is expected to reach $3.7 trillion alone. The general prediction is that there will be 200 billion connected objects by 2020 (26 connected things per human being on earth). This is a great leap forward from the mere 2 billion IoT objects in 2006, and 15 billion in 2015.

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The Internet of Things (IoT) market has grown tremendously over the past two decades. In 2018, total global spending on smart devices and services is expected to reach $3.7 trillion alone. The general prediction is that there will be 200 billion connected objects by 2020 (26 connected things per human being on earth). This is a great leap forward from the mere 2 billion IoT objects in 2006, and 15 billion in 2015.<ref>Intel. (2019, January 18). [https://www.intel.com/content/www/us/en/internet-of-things/infographics/guide-to-iot.html A Guide to the Internet of things]. Retrieved from intel.ca</ref>

The term, Internet of Things (IoT), was allegedly first coined during a presentation entitled "Internet of Things" to Proctor & Gamble in 1999. However, the first IoT device, a Coke machine, already existed in the 1980s as a university project. Today, IoT is fast becoming a tangible technology that can be applied to collect information on just about anything that IT wants to measure and/or control.

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There are a variety of ways in which IoT is defined. In general, IoT refers to physical devices (also known as “connected” or “smart” devices) that connect to each other via the Internet. The ability to send and/or receive information makes objects or devices “smart”. These smart devices are a mixed network of industrial and everyday web-enabled objects that can be remotely controlled and monitored, and work via a variety of software, cameras, and sensors. The IoT is the two-way connection between the physical and the digital, where a certain extent of control can be exerted.

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There are a variety of ways in which IoT is defined. In general, IoT refers to physical devices (also known as “connected” or “smart” devices) that connect to each other via the Internet. The ability to send and/or receive information makes objects or devices “smart”. These smart devices are a mixed network of industrial and everyday web-enabled objects that can be remotely controlled and monitored, and work via a variety of software, cameras, and sensors.<ref>Canadian Centre for Cyber Security. (2019). [https://cyber.gc.ca/en/glossary Glossary]. Retrieved from cyber.gc.ca</ref> The IoT is the two-way connection between the physical and the digital, where a certain extent of control can be exerted.

The IoT evolved from machine-to-machine (M2M) communication. The M2M data is commonly used as a way to determine the health and status of things – inanimate or living. Taking M2M communication to the next level, IoT is a “sensor network” that can be composed of billions of smart devices that connect people, systems, and other applications to collect and share data.

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The IoT’s systems and platforms enable physical objects and infrastructure to interact with monitoring, analytic and control systems over digital Internet-style networks. Many IT administrators use IoT systems for anything in their physical environment that they want to collect information about. The IoT describes a world where almost anything can be connected and can communicate in an intelligent fashion. With IoT, the physical world is becoming an aggregated information system where everyday physical objects are connected to the internet and are able to identify themselves to other devices. This is significant because an object that can represent itself digitally becomes something greater than the object by itself. The object no longer relates just to its user, but is now connected to the surrounding environment, objects, and to database data. When many objects act in unison, they are said to have “ambient intelligence” .

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The IoT’s systems and platforms enable physical objects and infrastructure to interact with monitoring, analytic and control systems over digital Internet-style networks.<ref>Forrester. (2018). [https://www.forrester.com/staticassets/glossary.html#heading-i Glossary]. Retrieved from Forrester</ref> Many IT administrators use IoT systems for anything in their physical environment that they want to collect information about. The IoT describes a world where almost anything can be connected and can communicate in an intelligent fashion. With IoT, the physical world is becoming an aggregated information system where everyday physical objects are connected to the internet and are able to identify themselves to other devices. This is significant because an object that can represent itself digitally becomes something greater than the object by itself. The object no longer relates just to its user, but is now connected to the surrounding environment, objects, and to database data. When many objects act in unison, they are said to have “ambient intelligence” .

There are many types of IoT smart devices, and more emerge every day. The IoT technology in the home can consist of entertainment systems, including televisions, gaming systems, speakers, and headphones, as well as heating/cooling systems such as the thermostat, ceiling fan, carbon monoxide detector, smoke alarm, and lights. Home security IoT systems include alarms, smart locks, garage door openers, baby monitors, cameras, and home assistants. Home IoT appliances can include refrigerators, coffee makers, the oven, and the vacuum cleaner. External IoT objects can include connected smart cars, buses, trains, and airplanes. They also include wearables like fitness trackers and smartwatches, and healthcare devices like heart and blood pressure monitors. Even pets can be connected via IoT with a tracking collar. By combining these connected devices with automated systems and Artificial Intelligence (AI), it is possible to gather new information, analyse it in real-time, and create an immediate action to help with a particular task, improve processes, or gain new insights.

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