The dropping costs of sensors and technological parts are driving the rise in IoT devices. The lowering costs and expanding range of products are what makes these new items more accessible to consumers. According to BI Intelligence, 34 billion devices will be connected to the Internet by 2020 (up from 10 billion in 2015).
The growing device network is continually expanding into new areas and will cover a wide range of fields, referred to as IoT “Ecosystems”. These can range from Smart Devices (like Smart Thermostats and Smart Bathroom Scales) that will integrate with your day-to-day life, to things on a much bigger scale. Smart Cities can help reduce waste or find ways for us to consume energy more efficiently. EHealthcare and Smart Manufacturing are also examples of these ecosystems.
As IoT technologies become more prevalent, companies will need to figure out how to manage and interpret all of the data that will be pouring in. Bi Intelligence estimates that businesses will spend about $6 Trillion on IoT solutions by 2020. Having an IoT solution is going to be essential in many ways including finding ways to increase productivity and cutting costs to compete.