The Internet of Things (IoT) has evolved with the progression of Internet in the past two decades. For starters, IoT is essentially the internetwork of physical things such as sensors, devices, vehicles, buildings, and other objects which are embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to pick data, assemble and exchange the data. With IoT, the communication is extended through the Internet among all the things that surround us.
In the twentieth century, computers were essentially the smartest brains but without senses. Then came machine-to-machine (M2M) communications that allowed wired / wireless system to communicate with the devices of same ability. M2M uses a device which could be sensor, meter etc. to capture an ‘event’ like temperature, inventory level, moisture in soil, which is transmitted through a wireless, wired or hybrid network to a software application that translates the captured event into meaningful information. In the twenty-first century, because of IoT, computers are not only smarter, but can also sense things for themselves. The fact that IoT has the ability to form the interconnection of multiple M2M applications, makes it distinctive from M2M.
Today, life is all about digitized interactions, both business and social, thanks to the increased use of converging technologies such as IoT, mobility, cloud, artificial intelligence, machine learning and more; complemented by the falling prices of sensors, storage and enhanced computing power and processing speeds. IoT enables collection and exchange of data across multiple industry sectors, for example, it has the ability to manage traffic flow, reduce pollution and improve health by combining data from a range of transport, healthcare and environmental sensors. According to Statista, the global IoT market is expected to grow to 212 billion U.S. dollars in size by the end of 2019. The technology reached 100 billion dollars in market revenue for the first time in 2017, and forecasts suggest that this figure will grow to around 1.6 trillion by 2025.