on May 2nd, 2016
BI Intelligence is a research entity from the publication Business Insider, who has recently published a report on how far the Internet of Things (IoT) industry has come and where it is going to in the next few years. BI Intelligence has studied IoT for two years, analyzing - what they call - the IoT ecosystem. The ecosystem includes manufacturing, connected home, transportation and agriculture industries, according to BI Intelligence. The group has now released a manual that industry heads and students can acquire through their websiteThe Internet of Things: Examining How the IoT Will Affect The World is a book worth $495.00 but they have given some of the facts and figures in an extract of what the book delves deeper into: 

An estimated 34 billion devices will be connected to the internet by 2020. The current number was 10 billion in 2015. IoT devices will make up 24 billion of the 34 billion. 

  • $6 trillion will be spent on IoT systems over the next five years.
  • Businesses will be a top adopter of IoT solutions. For business, IoT will: 1) lower operating costs ; 2) increase productivity and 3) expand to new markets or develop new product offerings. 
  • Governments are focused on increasing productivity, decreasing costs, and improving their citizens' quality of life. They will be another huge adopter. 
  • Consumers will lag behind business and government in IoT adoption. 

- BI Intelligence

EIT Stock Image Credit: Business Insider

Gartner Research has also reported that there will be 500 networked devices connected by 2020. And Ericsson also said that they expect 50 billion connected IoT devices in 2020 as well. Jumping into the game as well were Intel and Samsung who announced the launching of their own cloud services to join the long list of companies functioning from the cloud. 

Jim Tully, the Vice President of the Internet of Things at Gartner, spoke about the benefit of businesses implementing IoT strategies. In a weekly magazine show for Gartner, he said: "From surveys, we find that most of the roles that we speak with - in enterprises - have all heard of IoT. It's a familiar term. Relatively few enterprises have actually used IoT yet. That's largely because most of those enterprises don't see how IoT could lead to business benefits for their kind of organization." 

Tully says the biggest issue that delays IoT solutions from picking up and could delay the numbers in 2020, is purely just the fact that it is new. He says the concepts are unfamiliar to enterprises and that is the confusing part for a lot of companies. 

The importance of IoT in the future of manufacturing is said to be thrusting the world into another industrial revolution, and if companies do not adapt, they will be left behind. At least that is what the industry is saying and how fast the adoption of the Internet of Things is happening. 

To find out why the Internet of Things is going to be invaluable in the manufacturing industry, Intel shows examples of how they would be powering a factory setup along with the Internet of Things: 

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