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How the ‘Internet of Things’ Will Affect the World?

The Internet of Things (IoT), as one of the major technology trends in recent years, connects a bewildering array of products, from cars and containers to devices in the home, and it has been considered as the next Industrial Revolution and is going to change the way all businesses, governments and consumers interact with the physical world. With more than two years of work, BI intelligence has closely tracked the growth of the IoT and analyzed how the IoT ecosystem enables entities( consumers, business, governments) to connect to and control their IoT devices.

Here are some key points from the report: 

1. In total, we project there will be 34 billion devices connected to the internet by 2020, up from 10 billion in 2015. IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets, smartwatches, etc.) will comprise 10 billion.

2. Nearly $6 trillion will be spent on IoT solutions over the next five years.

3. Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their bottom line by 1> lowering operating costs; 2> increasing productivity; and 3> expanding to new markets or developing new product offerings.

4. Governments are focused on increasing productivity, decreasing costs, and improving their citizens’ quality of life. We believe they will be the second-largest adopters of IoT ecosystems.

5. Consumers will lag behind businesses and governments in IoT adoption. Still, they will purchase a massive number of devices and invest a significant amount of money in IoT ecosystems.

                                                                                         Edited from the BI report 

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